CryptoSlate
US spot Bitcoin ETFs lost $484.9 million on Oct. 7, their largest single-day outflow since June 25, while Ethereum ETFs shed $160.9 million. Combined withdrawals reached about $646 million as Bitcoin closed below $83,000 and Ethereum retreated toward $2,500.
Why it matters
The withdrawals extend a weakening trend in institutional demand. Bitcoin ETF inflows averaged $341.7 million per day during Bitcoin’s mid-September rally from $76,000 to $87,000, but fell to about $35 million per day over the five sessions through Oct. 6. Those sessions brought $172.9 million in net inflows, with BlackRock’s IBIT attracting $536.2 million while competing Bitcoin ETFs collectively lost $363.3 million.
The concentration left the market reliant on IBIT to offset redemptions elsewhere. That support weakened when IBIT itself joined the selling, losing $207.7 million on Oct. 7. Fidelity’s FBTC lost $105.1 million and ARK 21Shares’ ARKB lost $101.7 million.
Market impact
Bitcoin also closed below the $84,318 flow-weighted average cost basis for ETF investors estimated by Bitfinex analysts using Checkonchain data. The estimate is not an individual investor’s entry price, but it indicates that ETF capital overall may be under pressure. Bitfinex said inflows historically moderated as Bitcoin neared that aggregate breakeven level, leaving further price weakness a potential catalyst for more redemptions.
Ethereum ETFs have recorded seven consecutive sessions of outflows, totaling about $569 million, while five-session losses reached $506.3 million, the largest since January. Rising US Treasury yields, a stronger dollar and elevated oil prices added pressure on risk assets. Negative perpetual futures funding rates also point to growing demand for short exposure in Ethereum. Weaker institutional inflows could leave smaller tokens more vulnerable if investors cut risk rather than rotate into other crypto assets.
Frequently asked questions
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How much did US spot Bitcoin and Ethereum ETFs lose on Oct. 7?
Bitcoin ETFs recorded $484.9 million in outflows and Ethereum ETFs lost $160.9 million. Combined withdrawals were about $646 million.
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Which Bitcoin ETFs had the largest withdrawals?
BlackRock’s IBIT lost $207.7 million, Fidelity’s FBTC lost $105.1 million and ARK 21Shares’ ARKB lost $101.7 million.
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Why is Bitcoin trading below the ETF cost-basis estimate significant?
Bitfinex analysts estimated the flow-weighted ETF cost basis at $84,318. Bitcoin’s close below $83,000 puts aggregate ETF capital below that estimate, though it does not show individual investors’ entry prices.
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How long have Ethereum ETFs recorded outflows?
Ethereum ETFs have had seven consecutive trading sessions of outflows, totaling about $569 million. Their five-session losses reached $506.3 million, the largest since January.
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What factors added pressure to crypto and other risk assets?
Rising US Treasury yields, a stronger dollar and elevated oil prices added pressure. The report also cited negative Ethereum perpetual futures funding rates as a sign of demand for short exposure.
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