US spot Bitcoin and Ether exchange-traded funds have recorded nearly $1 billion in combined net outflows so far in October. According to Farside Investors, Bitcoin ETFs saw $244.1 million in net outflows on Thursday, following $484.9 million in withdrawals on Wednesday, which marked the largest daily outflow since June 25. Ether ETFs posted $72.5 million in net outflows on Thursday, extending their losing streak to eight consecutive trading sessions that began Sept. 29. Over this streak, Ether funds have shed about $641.3 million in net outflows.
October net outflows now total $407.4 million for Bitcoin ETFs and $578.9 million for Ether ETFs, bringing the combined monthly figure to $986.3 million. These withdrawals coincide with a weakening Bitcoin rally, as the cryptocurrency fell to as low as $80,427 on Thursday according to CoinGecko, trading at $82,506 at the time of writing. Glassnode noted that a pickup in spot trading volume and ETF buying would indicate real support for Bitcoin’s recent breakout.
The convergence of substantial capital flight from both major crypto asset classes signals a shift in institutional sentiment, moving away from the accumulation phase that characterized earlier market cycles. The magnitude of the outflows, particularly the record-breaking daily withdrawal for Bitcoin ETFs and the sustained eight-session bleed for Ether products, suggests that current price levels are failing to attract new risk appetite among traditional finance participants who utilize these vehicles for exposure.
Market structure implications are evident as the divergence between ETF flows and spot prices creates friction for liquidity providers and arbitrageurs. With Bitcoin hovering near three-week lows and facing headwinds from broader macroeconomic factors such as rising oil prices linked to geopolitical tensions, the lack of ETF inflows removes a key pillar of demand stability. Analysts watching for a reversal must look for simultaneous increases in spot trading volume and renewed ETF subscriptions to confirm that the underlying asset has found genuine floor support rather than merely experiencing temporary volatility.
