Bitcoin Spot ETFs Draw $606 Million in Single-Day Inflows, BlackRock's IBIT Accounts for Over Half

U.S. spot Bitcoin ETFs suffered their largest single-day outflow of October on Thursday, shedding $635.6 million and erasing nearly 60% of the roughly $1.07 billion they had taken in over the previous three sessions, according to Decrypt's ETF tracker. The reversal pushed the funds back to a net October loss of about $176 million, after they had climbed to roughly $460 million in net inflows for the month on Wednesday. Ethereum ETFs lost $110.6 million, bringing their October outflows to about $1.18 billion, while Solana ETFs shed $8.9 million. Despite the heavy selling, Bitcoin traded near $81,460 on Friday, flat over 24 hours and down 0.4% on the week, as traders on the Myriad prediction market 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, and 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 Thursday 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. The outflow topped the $484.9 million exit on Oct. 7 that was, at the time, the worst since June.

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. Decrypt reported that yesterday's selling coincided with a rough day across markets, with oil climbing 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. 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 from Decrypt's ETF tracker show a sharp one-day reversal: Bitcoin ETFs lost $635.6 million on Thursday, erasing nearly 60% of the roughly $1.07 billion taken in over the previous three sessions and flipping October 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 their October outflows to about $1.18 billion, while Solana ETFs shed $8.9 million, bringing them to about $68 million in outflows this month, with just two days of inflows in October. Prices held steady despite the selling: 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. 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, a prediction market developed by Decrypt's parent company Dastan, 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, while putting the odds of a slide to $77,500 at 32%.

Why it matters

The sources frame daily ETF flow data as one of the most closely watched gauges of investor sentiment because issuers report flows daily and much of the money comes from institutions and financial advisers. The Thursday reversal matters because it shows how quickly that sentiment can flip: a three-day, $1.07 billion inflow streak was nearly 60% erased in a single session, and October swung from roughly $460 million in net inflows on Wednesday to about $176 million in net outflows. The breadth of the move is also notable, with Ethereum ETFs losing $110.6 million and Solana ETFs shedding $8.9 million on the same day, extending Ethereum's October outflows to about $1.18 billion. Yet the sources also show that heavy ETF outflows did not translate into a sharp price move, with Bitcoin near $81,460, Ethereum about $2,400, and Solana roughly $104, and total crypto market cap holding at about $2.85 trillion. Decrypt reported that analysts described Bitcoin as having settled into a wait-and-see mode, which may not be a bad thing for the market, and that the selling coincided with oil above $111 a barrel and AI stocks sliding.