Bitcoin Rebounds as $297.6 Million Flows Into US Spot ETFs

U.S. spot Bitcoin ETFs shed $635.6 million on Thursday, according to Decrypt's ETF tracker, erasing nearly 60% of the roughly $1.07 billion the funds took in over the previous three sessions and flipping October back to a net loss of about $176 million. It was their biggest single-day outflow of the month, topping the $484.9 million exit on Oct. 7. Ethereum ETFs lost $110.6 million, bringing their October outflows to roughly $1.18 billion, while Solana ETFs shed $8.9 million. Despite the heavy outflows, Bitcoin traded near $81,460 on Friday, flat over 24 hours and down 0.4% on the week, as Myriad traders cut the odds of Bitcoin topping $87,500 this month to 17%.

Background

Spot crypto ETFs are exchange-traded funds that hold the underlying asset, such as Bitcoin or Ethereum, and trade on stock exchanges like ordinary shares, letting investors gain exposure through a regular brokerage account without buying or storing crypto themselves. Bitcoin funds debuted in January 2024 and have since drawn $57.8 billion in net inflows, while Ethereum funds, which followed that July, have taken in $12.7 billion. Solana funds arrived late last year. Because issuers report flows daily and much of the money comes from institutions and financial advisers, the figures have become one of the most closely watched gauges of investor sentiment. The prior three-session inflow streak had lifted October to roughly $460 million in net inflows by Wednesday before Thursday's reversal. The selling coincided with a rough day across markets: oil climbed above $111 a barrel as AI stocks slid, dragging the S&P 500 and global markets lower. The Federal Reserve next meets Oct. 27-28, with traders anticipating a hold, meaning no increase to interest rates, which generally bodes well for risk assets like crypto. Bitcoin has settled into a wait-and-see mode, analysts told Decrypt.

What happened

According to Decrypt's ETF tracker, U.S. spot Bitcoin ETFs shed $635.6 million on Thursday, wiping out nearly 60% of the roughly $1.07 billion the funds took in over the previous three sessions. It was their biggest single-day outflow of the month, topping the $484.9 million exit on Oct. 7 that was, at the time, the worst since June. The reversal pushed October back into negative territory: after climbing to roughly $460 million in net inflows for the month on Wednesday, the funds are now down about $176 million. Cumulative net inflows since launch slipped to $57.8 billion, with total net assets at $100.2 billion. Ethereum ETFs followed suit, losing $110.6 million a day after snapping a five-day outflow streak, bringing their October losses to roughly $1.18 billion. Solana ETFs shed $8.9 million, bringing them to about $68 million in outflows this month, with just two days of inflows in October. Yesterday's selling coincided with a rough day across markets, as oil climbed above $111 a barrel while AI stocks slid, dragging the S&P 500 and global markets lower. Despite the heavy ETF outflows, prices barely budged: Bitcoin traded near $81,460 on Friday, flat over 24 hours and down 0.4% on the week; Ethereum dipped 0.2% to about $2,400; and Solana slipped 0.3% to roughly $104.

Market impact

The flow figures were stark: Bitcoin ETFs lost $635.6 million on Thursday, their biggest single-day outflow of the month, after taking in roughly $1.07 billion over the prior three sessions. October swung from about $460 million in net inflows on Wednesday to a net loss of about $176 million. Cumulative net inflows since launch slipped to $57.8 billion, with total net assets at $100.2 billion. Ethereum ETFs lost $110.6 million, bringing October outflows to roughly $1.18 billion, while Solana ETFs shed $8.9 million and have seen about $68 million in outflows this month. Prices held steady despite the exits: Bitcoin traded near $81,460, flat over 24 hours and down 0.4% on the week; Ethereum dipped 0.2% to about $2,400; and Solana slipped 0.3% to roughly $104. The 30-day declines are steeper: Bitcoin is down 4.8%, Ethereum 11.4%, and Solana 10.4%. Total crypto market cap held at about $2.85 trillion, while trading volume fell 20% to $67.1 billion. On Myriad, traders now give Bitcoin a 17% chance of topping $87,500 before the month ends, down from 20% a day earlier, and 9% odds of reaching $90,000; they put the odds of a slide to $77,500 at 32%.

Why it matters

The figures matter because daily ETF flows have become one of the most closely watched gauges of investor sentiment, given that much of the money comes from institutions and financial advisers. Thursday's $635.6 million exit erased nearly 60% of a three-day, $1.07 billion inflow streak and flipped October back to a net loss of about $176 million, showing how quickly sentiment can reverse. The fact that prices barely budged despite the heavy outflows suggests the selling was absorbed without a sharp price move, though the 30-day declines are steeper: Bitcoin is down 4.8%, Ethereum 11.4%, and Solana 10.4%. The broader market backdrop was also rough, with oil above $111 a barrel and AI stocks sliding, dragging the S&P 500 and global markets lower. The Federal Reserve next meets Oct. 27-28, with traders anticipating a hold, which generally bodes well for risk assets like crypto. Myriad traders trimmed their bets on an October breakout, giving Bitcoin a 17% chance of topping $87,500 before the month ends, down from 20% a day earlier.