Spot Bitcoin ETFs saw $635.6 million in outflows on Thursday, marking October's biggest daily redemption and pushing monthly flows negative.
Macro & Markets ·
Spot Bitcoin ETFs experienced their largest single-day redemption of October on Thursday, with investors pulling $635.6 million. The outflow reversed a three-day rally and pushed the month into negative territory, erasing roughly $176 million in cumulative October flows. Ethereum and Solana funds also saw withdrawals, with Ethereum losing $110.6 million to bring its October total to approximately $1.18 billion in redemptions.
Thursday's selling coincided with broader market weakness as oil climbed above $111 per barrel while technology stocks declined. Despite the significant fund outflows, Bitcoin's price remained relatively stable near $81,460, suggesting the redemptions reflected sentiment shifts rather than panic-driven liquidations. Ethereum traded around $2,400 and Solana near $104.
The reversal underscores volatile investor positioning heading into the Federal Reserve's October 27-28 meeting. Traders on prediction markets have reduced their estimates for a Bitcoin breakout above $87,500 before month's end to 17%, down from 20% a day prior. Whether outflows signal a sustained shift in institutional appetite or a temporary pullback remains unclear, particularly given the range-bound price action accompanying the fund exodus.