Spot Bitcoin ETFs in the United States experienced a sharp outflow totaling $137.94 million on October 23, according to data from financial analytics provider SoSoValue. This followed significant withdrawals of $635.49 million on the previous day, marking the largest single-day outflow since late June. Over these two sessions, the total net outflow reached $773.43 million.
Major ETF outflows from leading funds
Among the top providers, BlackRock’s iShares Bitcoin Trust (IBIT) accounted for the most substantial withdrawal, with $110.34 million leaving the fund on October 23. Fidelity’s Wise Origin Bitcoin Fund (FBTC) also recorded outflows of $31.78 million. In contrast, Morgan Stanley’s MSBT Bitcoin ETF posted net inflows of $4.19 million, bucking the prevailing trend among peers.
| ETF Name | Net Flow (Oct. 23) |
|---|---|
| iShares Bitcoin Trust (IBIT) | -$110.34 million |
| Wise Origin Bitcoin Fund (FBTC) | -$31.78 million |
| MSBT Bitcoin ETF | +$4.19 million |
Despite these outflows from the largest funds, the overall weekly flow for US-listed spot Bitcoin ETFs remained positive at approximately $228.2 million.
Franklin Templeton wins approval for new Bitcoin ETFs
The sizable withdrawals coincided with news that Franklin Templeton, a major global asset manager with $1.8 trillion in assets under management, received approval from Nasdaq to list two new Bitcoin-focused ETFs. The Franklin US Equity Bitcoin DRIP Index ETF (FBEQ) and the Franklin US Innovation Bitcoin DRIP Index ETF (FIBT) are designed to blend exposure to US equities with a mechanism for gradual Bitcoin accumulation.
Unlike typical spot Bitcoin ETFs, these new Franklin Templeton products are not primarily oriented toward direct tracking of Bitcoin’s price. Instead, they aim to combine stock investments with a periodic purchase strategy for Bitcoin.
Mini dictionary: Franklin Templeton is a leading global investment management firm established in 1947, offering asset management services across multiple markets, including mutual funds and ETFs.
Bitcoin price action and risk factors
Bitcoin traded near $80,550, down 1.32% from the previous day, showing continued pressure in the face of recent ETF developments. On the daily chart, the cryptocurrency maintained levels above its key moving averages, with the 100-day moving average close to $77,500 and the 200-day average around $76,200. Both averages were rising, signaling underlying uptrend support.
Immediate support is situated near $80,000. Should Bitcoin fall below this level, it could face increased selling pressure. The 100-day moving average near $77,500 provides further support, but a decisive breakdown could test this area.
Elevated open interest, particularly in leveraged positions, added to market risks. If Bitcoin drops under $80,000 while leverage remains high, the risk of forced liquidations may intensify, potentially accelerating a move down towards the 100-day moving average.
Positive weekly fund flows and rising moving averages offer technical support, yet the high volume of recent ETF redemptions and increased risk from leveraged trading threaten near-term Bitcoin price stability.
Market participants continue to watch for signals, as the positive trend in weekly ETF inflows contrasts with the recent surge in withdrawals and growing concerns over potential liquidations.
