Bitcoin ETFs record nearly $300 million in net inflows in a single-day reversal

U.S. spot Bitcoin ETFs lost $635.6 million on Thursday, according to Decrypt's ETF tracker, ending a three-session run that had brought in roughly $1.07 billion and pushing October back to a net loss of about $176 million. The single-day exit was the largest of the month, exceeding the $484.9 million outflow on Oct. 7. Ethereum ETFs shed $110.6 million and Solana ETFs $8.9 million the same day. Despite the flows, Bitcoin traded near $81,460 on Friday, flat over 24 hours and down 0.4% on the week, while traders on the Myriad prediction market cut the odds of Bitcoin topping $87,500 this month to 17%.

Background

Decrypt reports that spot crypto ETFs 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, per Decrypt. The outlet also notes that Thursday's 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 Decrypt says generally bodes well for risk assets like crypto. Before Thursday, October flows had climbed to roughly $460 million in net inflows on Wednesday.

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. Decrypt reports 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, per Decrypt. 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, Decrypt reports. 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 adds that 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. The 30-day declines are steeper: Bitcoin 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.

Market impact

The flow numbers are the story Decrypt documents: $635.6 million left U.S. spot Bitcoin ETFs on Thursday, nearly 60% of the prior three-day $1.07 billion inflow streak, flipping October to a net loss of about $176 million from roughly $460 million in net inflows on Wednesday. Cumulative net inflows since launch slipped to $57.8 billion, with total net assets at $100.2 billion. Ethereum ETFs lost $110.6 million, taking October outflows to about $1.18 billion, and Solana ETFs shed $8.9 million, reaching about $68 million in outflows this month with just two days of inflows in October. Prices held steady nonetheless: Bitcoin near $81,460, flat over 24 hours and down 0.4% on the week; Ethereum about $2,400, down 0.2%; Solana roughly $104, down 0.3%. The 30-day declines are steeper, per Decrypt: Bitcoin 4.8%, Ethereum 11.4%, 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 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

Decrypt frames 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. On that measure, the single-session reversal matters: it erased nearly 60% of a three-day, $1.07 billion inflow streak and flipped October from roughly $460 million in net inflows to about $176 million in net outflows, while cumulative net inflows since launch slipped to $57.8 billion. The weakness was not confined to Bitcoin funds, with Ethereum ETFs at about $1.18 billion in October outflows and Solana ETFs at about $68 million, per Decrypt. Yet the outlet reports prices barely budged despite the heavy outflows, and analysts told Decrypt that Bitcoin has settled into a wait-and-see mode, which they said may not be a bad thing for the market. Decrypt also ties Thursday's selling to 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 notes the Federal Reserve meets Oct. 27-28 with traders anticipating a hold.