Bitcoin ETFs Bleed $636 Million, Ethereum Funds Lose Another $111 Million

Key takeaways

• Bitcoin ETFs recorded $635.6 million in net outflows, reversing the previous day's $524.8 million inflows
• Ethereum ETFs suffered $110.8 million in withdrawals
• Bitcoin and Ethereum prices declined alongside the ETF withdrawals

US spot Bitcoin and Ethereum exchange-traded funds (ETFs) recorded a combined $746.4 million in net outflows on Oct. 22. According to data from Farside Investors, Bitcoin ETFs accounted for $635.6 million in withdrawals, while Ethereum ETFs shed another $110.8 million.

The latest figures are a sharp reversal from Oct. 21, when Bitcoin funds attracted $524.8 million and Ethereum ETFs recorded $14.9 million in inflows.

Bitcoin ETFs Lose $635.6 Million 

BlackRock's iShares Bitcoin Trust (IBIT) recorded $254.1 million in net outflows on Oct. 22, making it the largest contributor to the day's withdrawals. Fidelity's Wise Origin Bitcoin Fund (FBTC) followed with $217.5 million in outflows, while Bitwise's BITB and ARK 21Shares' ARKB registered withdrawals of $27.4 million and $109.4 million, respectively.

Bitcoin ETF flows (Source: Farside Investors)

Grayscale's GBTC also lost $29.5 million, although Morgan Stanley's MSBT recorded a modest $2.3 million inflow.

The $635.6 million withdrawal was Bitcoin ETFs' largest daily outflow since Oct. 14, when investors pulled $261.4 million from the funds.

Ethereum ETFs Extend Losing Streak

Ethereum ETFs also faced selling pressure, with BlackRock's ETHA leading withdrawals at $75.5 million. BlackRock's ETHB recorded another $17.2 million in outflows, while Grayscale's ETHE and ETH funds lost $9.6 million and $10.7 million, respectively.

Ethereum ETF flows (Source: Farside Investors)

Fidelity's FETH was among the few funds to attract fresh capital, and recorded $2.4 million in inflows.

The latest withdrawals follow a modest $14.9 million inflow on Oct. 21.

Bitcoin and Ethereum Prices Slide

The ETF withdrawals coincided with a cryptocurrency market selloff on Oct. 22. Yesterday, Bitcoin fell approximately 3.4% to $81,278, and retreated after an unsuccessful attempt to sustain a rally above $84,000.

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Ethereum also declined, and lost around 3.7% to trade near $2,394.03 at press time.

The simultaneous decline in cryptocurrency prices and ETF flows shows that there is weakening investor appetite for digital assets. However, ETF withdrawals do not necessarily establish the cause of the price declines.

Investors will now be watching whether institutional demand recovers after Thursday's painful withdrawals or whether continued selling pressure pushes Bitcoin and Ethereum toward lower support levels heading into the weekend.