Investors in US spot Bitcoin ETFs withdrew $729 million over two trading sessions this week. This selling activity coincided with the price of Bitcoin returning to the estimated average entry point for these funds, which is approximately $81 722 per coin. As of the latest data, Bitcoin is trading at $81 607, placing the average ETF position slightly underwater.
The outflows on October 7 totaled $484.9 million, followed by an additional $244.1 million on October 8. These figures erased earlier gains from October, resulting in a net outflow of $407.4 million for the month to date. Market data indicates that investors are using the breakeven point as an opportunity to exit their positions after enduring months of losses.
Fund-level data reveals significant disparities among issuers. Fidelity’s FBTC fund recorded outflows of $408.1 million between October 1 and October 8, which exceeds the total net outflow for the entire market. Other funds also saw declines, including ARK 21Shares with $214.9 million and Grayscale with $78.9 million in outflows during the same period.
BlackRock’s iShares Bitcoin Trust remains an outlier, having attracted $332.5 million in inflows during the first week of October. However, the fund still experienced its largest withdrawal of the month on October 7, totaling $207.7 million. Excluding BlackRock, the remaining US spot Bitcoin ETFs saw a combined outflow of $739.9 million.
The trend of capital withdrawal extends to US spot Ethereum ETFs, which have recorded eight consecutive sessions of outflows. Since September 29, these funds have lost $641.3 million. This follows a period of strong demand in September, when spot ETFs absorbed more than $2.3 billion between September 21 and September 30.
