Spot bitcoin ETFs bleed about $910 million in two weeks as hot inflation data sours “Uptober”

Summary

U.S. spot bitcoin ETFs posted $228.6 million in net outflows for the week ending Oct. 16, following a $681.1 million drain the week before — about $910 million over two weeks, Decrypt reported citing SoSoValue; Crypto Briefing reported the same $228.6 million weekly figure.

Decrypt said outflows beat inflows on three of five days, with Wednesday’s $261.4 million exit the week’s worst session, coinciding with a September CPI print of 3.7% year over year versus a 3.6% forecast and a hotter producer-price reading on Thursday.

Crypto Briefing said BlackRock’s IBIT led the week’s retreat with about $165 million in outflows, including $71.8 million on Oct. 16, while Fidelity’s FBTC lost $10.6 million that day.

Tallies differ slightly: Decrypt put October’s net outflow at about $615 million and the Oct. 7 exit at $484.9 million, while Crypto Briefing said some tallies put the month closer to $618 million and the Oct. 7 outflow at $487.1 million.

Key facts

• Decrypt reported a $175.7 million inflow on Tuesday, $261.4 million in redemptions Wednesday, a $5.1 million inflow Thursday and $82.4 million of outflows Friday, per its ETF tracker. (Decrypt)
• Decrypt said the funds opened October with about $293 million in inflows before turning to a roughly $615 million monthly net outflow, with the Oct. 7 exit of $484.9 million the worst day since June; Ethereum and Solana ETFs have also been in the red this month. (Decrypt)
• Decrypt said bitcoin briefly slipped below $80,000 on Thursday and nearly $950 million in leveraged crypto positions were liquidated over 24 hours, about 90% of them longs, according to CoinGlass. (Decrypt)
• Nexo analyst Iliya Kalchev told Decrypt the drop pushed bitcoin below the average ETF holder’s estimated cost basis near $82,300; Decrypt said bitcoin closed Friday near $81,590, down from about $82,337 a week earlier. (Decrypt)
• Decrypt put cumulative net inflows since the January 2024 launch at $57.3 billion and total net assets at $104.29 billion per SoSoValue ($100.2 billion per Decrypt’s own tracker). (Decrypt)
• Crypto Briefing put cumulative inflows since launch at about $56.88 billion, total assets at $104.29 billion as of mid-October and combined holdings at roughly 1.276 million BTC, noting the month’s outflows are well under 1% of assets. (Crypto Briefing)