- U.S. spot Bitcoin ETFs posted net outflows of $228.6 million this week, following $681.1 million in outflows the prior week.
- Outflows topped inflows on three of five trading days, with Wednesday’s $261.4 million exit marking the week’s worst session.
- The funds are down about $615 million for October, though cumulative net inflows since launch still stand at $57.3 billion.
- Hot inflation data fueled selling, and Bitcoin briefly slipped below $80,000, triggering nearly $950 million in leveraged crypto liquidations.
Bitcoin ETF investors spent another week heading for the exits, with U.S. spot Bitcoin funds shedding $82.4 million on Friday alone. The week’s net outflows reached $228.6 million, according to SoSoValue, following a $681.1 million drain the prior week.
A $175.7 million inflow on Tuesday was wiped out by $261.4 million in redemptions on Wednesday, the week’s worst session. Thursday brought a modest $5.1 million inflow before selling resumed Friday.
Wednesday’s selling coincided with a hot inflation print: the consumer price index rose 3.7% year over year in September, above the 3.6% forecast. A hotter-than-expected producer price reading followed Thursday, reviving bets on another Federal Reserve rate hike.
Bitcoin briefly slipped below $80,000 on Thursday, and nearly $950 million in leveraged crypto positions were liquidated over 24 hours, about 90% of them bullish longs, according to CoinGlass. The drop pushed Bitcoin below the average ETF holder’s estimated cost basis near $82,300, Nexo analyst Iliya Kalchev told Decrypt. When inflation runs hot, the Fed tends to keep raising rates, making a nearly risk-free return of around 5% a tough competitor for riskier bets like Bitcoin.
The back-to-back red weeks have dragged October deep into negative territory: the funds are now down about $615 million for the month. The slide began in earnest on Oct. 7, when a $484.9 million exit marked the funds’ worst day since June. Bitcoin closed Friday near $81,590, down from about $82,337 a week earlier. Myriad invites users to predict how low Bitcoin will go this month.
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