US Bitcoin ETFs shed $485M in biggest daily outflow since June

Bitcoin ETFs erased October’s net inflows with $485 million in withdrawals, while Ether funds logged a seventh straight outflow session.

US spot Bitcoin exchange-traded funds (ETFs) recorded $484.9 million in net outflows on Wednesday, reversing Tuesday’s $118.8 million net inflow.

The withdrawals were the largest since June 25, when the funds lost $691.7 million, according to Farside Investors.

Wednesday’s outflows wiped out the $321.6 million in net inflows recorded over October’s first four trading sessions, leaving Bitcoin ETFs with approximately $163 million in net outflows for the month. 

BlackRock’s iShares Bitcoin Trust (IBIT) led Wednesday’s withdrawals with $207.7 million, followed by Fidelity’s FBTC with $105.1 million and ARK 21Shares’ ARKB with $101.7 million. IBIT had $122 million in net inflows the day before.

Bitcoin traded near $82,700 on Thursday, down about 2% over the previous 24 hours, according to CoinGecko. 

Meanwhile, US spot Ether ETFs recorded $160.9 million in net outflows on Wednesday, extending their losing streak to seven consecutive trading sessions. 

Ether funds have shed approximately $569 million since Sept. 29, with BlackRock’s iShares Ethereum Trust (ETHA) accounting for $116.1 million of Wednesday’s withdrawals. Grayscale’s Ethereum Trust (ETHE) followed with $25.8 million in outflows, according to Farside Investors. 

Related: Bitcoin ETFs notch third inflow week as Ether ETFs shed $138M