Spot Bitcoin ETFs shed $635 million on October 22, with BlackRock’s IBIT leading the exodus
US spot Bitcoin ETFs experienced a massive outflow of $635 million on October 22, reversing recent inflows and led by BlackRock's IBIT fund.
US spot Bitcoin ETFs bled $635 million on October 22, according to SoSoValue data reported by Odaily. This sharp reversal comes after the product category had attracted more than $1 billion in combined inflows during the previous three days.
BlackRock's iShares Bitcoin Trust (IBIT), the largest fund in the space, was the primary source of the outflow, with investors pulling $254 million in a single session. This amount exceeded the fund's entire $235 million inflow from the previous day by about $19 million.
Recent Flow Patterns
October 21 alone brought approximately $528 million in inflows, with BlackRock's IBIT taking in $235 million and Fidelity's Wise Origin Bitcoin Fund (FBTC) adding $212.7 million. Other issuers accounted for roughly $381 million in redemptions on October 22.
October has been volatile for these funds, with earlier in the month seeing outflows reaching $600 to $900 million. Mid-month brought only modest increases before the late-week rally in demand.
Long-term Trends
Despite the significant one-day outflow, the longer-term trend remains positive. Cumulative net inflows into US spot Bitcoin ETFs since their January 2024 debut have now reached $57 to $58 billion, with total net assets estimated between $100 billion and $109 billion.
The $635 million outflow represents less than 1% of the asset base. During this period, Bitcoin's price remained relatively stable between $82,000 and $85,000, showing minimal direct correlation with ETF flow figures.
Investor Implications
The key question for investors is whether October 22 marks a turning point or simply a blip. Earlier October buying had been seen as evidence of resilient institutional appetite amid macroeconomic uncertainty.
If $635 million in redemptions cannot push the price out of its range, it suggests there is enough buying elsewhere in the market to absorb that selling.
Observers will watch whether cumulative inflows continue toward the $57 to $58 billion mark and whether total net assets maintain the $100 billion to $109 billion range. When the two largest issuers move in the same direction, as they did on October 21, it tends to reflect broader institutional sentiment rather than isolated moves among smaller funds.
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