- U.S. spot Bitcoin ETFs recorded $643.2 million in net outflows on Oct. 30, wiping out the $440.8 million accumulated during the previous four trading sessions.
- Bitcoin ETFs finished October with approximately $515.9 million in net withdrawals, despite BlackRock’s IBIT attracting $932.1 million throughout the month.
- Ethereum ETFs also experienced heavy selling, losing $155.7 million on Friday and $1.61 billion across October.
U.S. spot Bitcoin exchange-traded funds recorded $643.2 million in net withdrawals on Friday, Oct. 30, marking their largest daily outflow since June.
According to data from Farside Investors, the withdrawals reversed four consecutive trading sessions of inflows and pushed the funds into negative territory for both the week and October.
Fidelity’s FBTC recorded $201 million in withdrawals, while ARK 21Shares’ ARKB lost $129.5 million.
Grayscale’s GBTC experienced $53.3 million in outflows, followed by Bitwise’s BITB with $25.7 million.
Together, BlackRock, Fidelity and ARK 21Shares accounted for approximately $564.2 million, representing 87.7% of the day’s net withdrawals.
Bitcoin ETF Outflows Erase Weekly Gains
Before Friday’s sell-off, U.S. spot Bitcoin ETFs had attracted $440.8 million between Oct. 26 and Oct. 29.
The week began with $110.3 million in inflows on Monday, followed by $176 million on Tuesday and $137.3 million on Wednesday.
Thursday’s inflows slowed to $17.2 million before Friday’s withdrawals completely reversed the trend.
The $643.2 million exit exceeded the previous four sessions’ combined inflows by $202.4 million.
BlackRock’s IBIT remained positive for the week, recording $176.9 million in net inflows despite Friday’s selling.
Fidelity’s FBTC, however, finished the week with $166 million in withdrawals, while ARKB lost $129.5 million.
Across October, Bitcoin ETFs recorded approximately $515.9 million in net outflows.
BlackRock’s IBIT still attracted $932.1 million during the month, while other Bitcoin ETFs collectively experienced roughly $1.45 billion in withdrawals.
Since their January 2024 launch, U.S. spot Bitcoin ETFs have accumulated $57.048 billion in net inflows, according to Farside.
Ethereum ETFs Record $1.61 Billion Monthly Outflows
Ethereum exchange-traded funds also experienced significant selling pressure during the final trading session of October.
According to Farside Investors, spot Ethereum ETFs recorded $155.7 million in net withdrawals on Friday.
BlackRock’s ETHA led the outflows with $76.6 million, followed by Grayscale’s Ethereum Mini Trust with $34.1 million.
Grayscale’s ETHE lost another $21.5 million, while BlackRock’s ETHB recorded $19.5 million in withdrawals.
Fidelity’s FETH and Morgan Stanley’s MSSE also experienced smaller redemptions.
Ethereum ETFs finished all five trading sessions between Oct. 26 and Oct. 30 in negative territory.
Total weekly withdrawals reached $431.4 million, compared with $220.7 million during the previous week.
For October, Ethereum ETFs recorded approximately $1.6072 billion in net outflows.
Combined Bitcoin and Ethereum ETF withdrawals reached $798.9 million on Friday alone.
Bitcoin Falls Below Average ETF Purchase Price
The continued ETF withdrawals come as Bitcoin trades below the estimated average purchase price of U.S. spot ETF investors.
According to CoinGecko, Bitcoin traded near $77,364 on Oct. 31 after falling to a 24-hour low of $76,337.84.
In an Oct. 28 report, blockchain analytics firm Glassnode estimated the average acquisition price of Bitcoin held by U.S. spot ETFs at approximately $81,500.
The firm also placed its True Market Mean, which measures the average cost basis of active investors, near $77,900.
Bitcoin’s trading price was below both estimates, suggesting that portions of the market were holding positions at unrealized losses.
Glassnode also reported declining ETF trading activity before Friday’s withdrawals.
Daily turnover averaged approximately $1.3 billion since May but dropped to $700 million on Oct. 23, making it one of the quietest sessions of the year.
Market participants will now be watching whether institutional demand returns in November or whether continued withdrawals place additional pressure on Bitcoin and Ethereum prices.
