US spot Bitcoin ETFs recorded $484.9 million in net outflows on Wednesday, according to Farside Investors. It was the largest daily withdrawal since June 25, when funds lost $691.7 million. T
US spot Bitcoin ETFs recorded $484.9 million in net outflows on Wednesday, according to Farside Investors. It was the largest daily withdrawal since June 25, when funds lost $691.7 million. The outflow reversed Tuesday's $118.8 million inflow.
Wednesday's loss erased all of October's gains. The funds had taken in $321.6 million over the month's first four trading sessions. They now sit at about $163 million in net outflows for October.
BlackRock's IBIT led the selling with $207.7 million. Fidelity's FBTC lost $105.1 million and ARK 21Shares' ARKB lost $101.7 million. IBIT had taken in $122 million the day before.
Bitcoin traded near $82,700 on Thursday, its lowest level this month. It had reached $87,249 on October 2, so the price has fallen about 5% in under a week. It remains roughly 34% below its record of $126,251, set in early October 2025.
Ether funds fared worse. US spot Ether ETFs lost $160.9 million on Wednesday, their seventh straight session of outflows. They have shed about $569 million since September 29, with BlackRock's ETHA losing $116.1 million on Wednesday alone.
The record high in October 2025 was followed within days by a liquidation event of roughly $19 billion in leveraged positions. Selling continued through the winter. Bitcoin fell to $72,800 in early February, its lowest level since November 2024.
The war between the US, Israel and Iran then deepened the decline. Oil prices rose after Iran threatened to keep the Strait of Hormuz shut. Bitcoin traded near $68,000 in late March and lost more than 20% from the start of the conflict.
The bottom came in late June at $58,642, roughly half the peak. ETF investors left with the price. Cumulative 2026 flows were $5.69 billion negative on July 13, and the June 25 outflow of $691.7 million came during that slide.
Demand returned in September. The ETFs recorded seven straight inflow days from September 17, totaling about $2.98 billion. Year-to-date flows turned positive for the first time in 2026, a swing of roughly $6.6 billion from July.
The week ending September 25 brought $2.39 billion, the largest weekly inflow since October 2025. Bitcoin climbed toward $80,000 and then past it, helped by a Treasury plan to double long-dated bond buybacks. That announcement pushed long yields lower and forced billions of dollars of short positions to close.
The momentum slowed within days. Weekly inflows for the period ending October 2 came to about $240 million, a fraction of the previous week. Daily flows then turned negative on Monday and again on Wednesday.
Bond yields are the main macro pressure. Reports in recent weeks describe the 30-year US Treasury yield topping 5% for the first time since 2007. Japanese yields have reached multi-decade highs. Oil prices tied to the Iran conflict keep inflation concerns alive.
Rate expectations have shifted with them. Markets have priced a growing chance of a Fed rate increase rather than a cut. Higher rates make non-yielding assets like Bitcoin less attractive. Fed minutes were due Wednesday, adding to caution before the outflow.
Leverage has added to the moves. Cointelegraph reported about $550 million in crypto liquidations as Bitcoin dipped below $84,000 on Wednesday. Forced selling pushes prices lower and can trigger redemptions from funds.
One day of outflows does not reverse a trend. ETF holders have put in about $57.4 billion cumulatively since launch, according to Farside, and year-to-date flows were positive as recently as late September. Tuesday's inflow shows buyers still return on weakness.
Technical traders also point to $82,000 to $82,500 as support. If Bitcoin holds that zone, some analysts see the weekly chart pattern as intact. Wednesday's low of $83,269 was close to that level, and Thursday's price sits at the edge of it.
The concerns are real, though. Flows depend heavily on one fund, and IBIT supplied most of the recent inflows. When it turned to net selling, the whole category flipped with it.
The divergence with Ether adds to the caution. Seven straight outflow sessions show institutions are trimming broad crypto exposure, not only Bitcoin. The macro backdrop of high yields, expensive oil and possible rate hikes has not improved.
The next few daily flow reports matter most. A second large outflow would confirm that September's inflows are reversing. A return to inflows with IBIT leading would suggest Wednesday was a one-day reaction.
Price levels and bond yields will shape that choice. Bitcoin needs to hold $82,000 to keep the recovery since July intact. Yields, oil and Fed pricing will decide whether institutions keep adding exposure or step back again.
