Bitcoin ETFs Bleed $636 Million as October Turns Red Again
U.S. spot Bitcoin ETFs shed $635.6 million on Thursday, erasing nearly 60% of a three-day inflow streak and pushing October back to a net loss of about $176 million.
The outflows marked the biggest single-day decline for Bitcoin ETFs this month, surpassing the $484.9 million exit on October 7. Despite the significant withdrawals, Bitcoin prices held steady near $81,460, with traders reducing their expectations of a price surge this month.
Ethereum ETFs followed the downward trend, losing $110.6 million on Thursday after briefly ending a five-day outflow streak. This brought their October losses to approximately $1.18 billion. Solana ETFs also saw outflows of $8.9 million, bringing their monthly total to about $68 million.
Market Context
Spot crypto ETFs are exchange-traded funds that hold the underlying cryptocurrency assets and trade on stock exchanges like regular shares. Bitcoin ETFs launched in January 2024 have attracted $57.8 billion in net inflows, while Ethereum ETFs, which began trading in July 2024, have drawn $12.7 billion.
The recent selling pressure coincided with broader market weakness, as oil prices climbed above $111 per barrel and AI stocks declined, dragging down the S&P 500 and global markets. Traders are now focused on the Federal Reserve's upcoming meeting on October 27-28, where a decision to hold interest rates could benefit risk assets like cryptocurrencies.
Price Stability
Despite the heavy ETF outflows, cryptocurrency prices remained relatively stable. Bitcoin traded flat over 24 hours and down just 0.4% for the week. Ethereum dipped 0.2% to about $2,400, while Solana slipped 0.3% to roughly $104. The broader crypto market cap held at approximately $2.85 trillion, though trading volume fell 20% to $67.1 billion.
Prediction markets reflected this cautious sentiment. On Myriad, traders reduced Bitcoin's chances of topping $87,500 this month to 17%, down from 20% a day earlier. They also put the odds of Bitcoin sliding to $77,500 at 32%. More optimistic predictions remained for Ethereum and Solana, with traders giving Ethereum a 61.3% chance of reaching $3,000 before $1,500, and Solana a 54.9% chance of hitting $160 before $40.
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