US spot Bitcoin exchange-traded funds (ETFs) recorded net outflows of $484.9 million on Wednesday, reversing course after a net inflow of $118.8 million the previous day. The negative movement marked the largest daily withdrawal from these funds since June 25, when investors pulled $691.7 million, according to asset manager Farside Investors.
Bitcoin ETFs see surge in redemptions
Withdrawals on Wednesday erased the $321.6 million in net inflows these ETFs had accumulated over the first four trading days of October. As a result, Bitcoin ETFs now stand at approximately $163 million in total net outflows for the month.
Among the funds, BlackRock’s iShares Bitcoin Trust (IBIT) registered the highest daily redemption, seeing $207.7 million in net outflows. Fidelity’s FBTC followed with $105.1 million, while ARK 21Shares’ ARKB posted $101.7 million in withdrawals. The situation reversed sharply for IBIT, which had attracted $122 million in new capital just a day earlier.
| ETF | Net Outflow (Oct 9) |
|---|---|
| iShares Bitcoin Trust (IBIT) | $207.7 million |
| Fidelity’s FBTC | $105.1 million |
| ARK 21Shares’ ARKB | $101.7 million |
Bitcoin traded near $82,700 on Thursday, representing about a 2% decline from the previous day, as reported by CoinGecko.
Mini dictionary: Farside Investors – An investment data and analysis firm that tracks daily flows for cryptocurrency ETFs and other financial products.
Spot Ether ETFs record steady outflows
US spot Ether ETFs also faced sizable withdrawals on Wednesday, with $160.9 million leaving the funds. This continued a losing streak that has now stretched to seven consecutive trading sessions.
Since September 29, Ether funds have reported approximately $569 million in total outflows. BlackRock’s iShares Ethereum Trust (ETHA) led Wednesday’s redemptions with $116.1 million withdrawn, followed by Grayscale’s Ethereum Trust (ETHE), which saw $25.8 million in outflows.
Withdrawals from Bitcoin and Ether ETFs accelerated midweek, led by BlackRock’s iShares products, wiping out the previous gains made by US Bitcoin ETFs in early October.
