Bitcoin ETFs Add Over $1B as Investor Sentiment Turns Bullish

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 had taken 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 about $1.18 billion, while Solana ETFs shed $8.9 million. Despite the heavy outflows, prices barely budged: Bitcoin traded near $81,460 on Friday, flat over 24 hours and down 0.4% on the week, with Ethereum at about $2,400 and Solana at roughly $104.

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 reversal pushed October back into negative territory for Bitcoin funds: 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.

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, Decrypt reported: 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. Despite the heavy ETF outflows, prices barely budged, with Bitcoin trading near $81,460 on Friday, flat over 24 hours and down 0.4% on the week.

Market impact

The flow figures were stark: Bitcoin ETFs lost $635.6 million on Thursday, their biggest single-day outflow of the month, erasing nearly 60% of a three-day, $1.07 billion inflow streak and flipping October back to a net loss of about $176 million. 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. Cumulative net inflows since launch slipped to $57.8 billion, with total net assets at $100.2 billion. Yet prices held steady: 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. Traders on Myriad, a prediction market developed by Decrypt's parent company Dastan, trimmed their bets on an October breakout: they 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 figures have become 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, Decrypt noted. The single-session reversal shows how quickly that sentiment can flip: a three-day, $1.07 billion inflow streak was nearly 60% erased in one day, and October swung from roughly $460 million in net inflows to about $176 million in net outflows. The outflows coincided with a rough day across markets, with oil above $111 a barrel as AI stocks slid, dragging the S&P 500 and global markets lower, and the Federal Reserve next meets Oct. 27-28 with traders anticipating a "hold." Despite the heavy ETF outflows, prices barely budged, which analysts told Decrypt reflects a wait-and-see mode that may not be a bad thing for the market. Prediction-market traders on Myriad cut the odds of Bitcoin topping $87,500 this month to 17% from 20% a day earlier, while giving Ethereum a 61.3% chance of reaching $3,000 before $1,500 and Solana a 54.9% chance of hitting $160 before $40.