US spot bitcoin exchange-traded funds recorded $487 million in net outflows on October 7, their heaviest single-day withdrawal since late June, wiping out the inflows the funds had built through the first four sessions of the month. SoSoValue data, reported by Cointelegraph and crypto.news, showed the funds leaving with roughly $487.07 million, one day after taking in $118.86 million.
BlackRock’s IBIT accounted for the bulk of the exit at about $207.67 million, followed by Fidelity’s FBTC at $105.15 million and ARK 21Shares’ ARKB at just over $101 million, according to the SoSoValue snapshot. The last time a daily withdrawal was larger was June 25, when investors pulled $691.7 million from the group. IBIT still holds $65.72 billion in cumulative historical net inflows, by far the largest of any fund in the lineup, and FBTC sits at $10.72 billion, so a single bad day barely dents the long-run totals.
| Fund | Net outflow, Oct 7 | Cumulative inflows |
|---|---|---|
| BlackRock IBIT | $207.67 million | $65.72 billion |
| Fidelity FBTC | $105.15 million | $10.72 billion |
| ARK 21Shares ARKB | $101.7 million | not disclosed in snapshot |
A choppy month turns negative
The reversal more than offset the $321.6 million in net inflows the funds had collected over October’s first four trading days, leaving the month with about $163 million in net outflows. The daily pattern through October had been uneven: $102.67 million in on October 1, $189.84 million in on October 2, $89.9 million out on October 5, then $118.86 million in on October 6, including $122 million into IBIT, before Wednesday’s heavy exit.
Since launch, US spot bitcoin ETFs have drawn about $57.33 billion in cumulative net inflows, with total net assets across the funds near $107.40 billion and daily trading volume around $2.80 billion, per the SoSoValue snapshot. Net flows as a share of net assets stand at roughly 6.4 percent. The October picture now mirrors late September’s swings, when the group took in $998.95 million on September 21, $714.75 million on September 22 and $346.98 million the following day.
Liquidations pile on
Bitcoin traded near $82,700 on Thursday morning, down between 1 and 2 percent over 24 hours depending on the tracking source, after failing to hold a rebound toward $86,600. CoinGlass counted $550.65 million in liquidated positions over the past 24 hours, involving 101,831 traders, with long positions taking about 88 percent of the damage. A smaller $433 million liquidation wave had already hit on Monday after the $87,000 rejection, so the market has now flushed leverage twice in a week.
Open interest in bitcoin perpetual futures stood at about $69.29 billion, a level several analysts read as room for more forced selling if the range breaks. Total crypto liquidations over the two sessions add up to well over $1 billion, even though the daily price move never exceeded 2 percent, a shape typical of a leverage flush rather than face-panic spot selling.
The macro backdrop
The selling context is macro-driven. The 10-year Treasury yield climbed to 5.33 percent in European trading, just below Wednesday’s 5.36 percent reading, its highest level in 24 years, before a well-received US 10-year auction pulled it back slightly. Brent crude pushed past $100 a barrel, and stocks slipped for a second session, with the Dow off 0.2 percent and the Nasdaq down 0.5 percent on Wednesday.
Fed minutes released Wednesday showed most officials see one more rate hike by year-end, though they would approach each meeting with an open mind. Markets price an October move at roughly 16 to 19 percent and a December hike near 80 percent. Governor Christopher Waller said additional tightening may be needed to bring inflation back to 2 percent, but with flexibility on the pace. Higher yields and a firm dollar are the direct channel hurting bitcoin and other risk assets.
Where analysts see support
ViaBTC chief analyst Jeff Ko has flagged the $82,000 to $83,000 area as the key zone, saying continued holds would read as consolidation after September’s breakout. Lacie Zhang, research lead at Bitget Wallet, puts the main liquidation cluster at $82,000 to $82,500 and warns that losing it could accelerate a slide toward $80,000. Her October range is $78,000 to $95,000, with $87,500 the level bitcoin needs to reclaim before a run at $95,000 becomes realistic. Bitcoin has failed at $87,000 on every rally attempt since late September, leaving a two-week range of roughly $83,000 to $87,000.
Not every flow pointed out. Robinhood added $25 million worth of bitcoin to its balance sheet, the latest public company buying coins during a dip, and on-chain data from Santiment shows wallets holding between 10 and 10,000 BTC accumulated another 86,702 BTC over the past three weeks. Ether spot funds, by comparison, saw about $160 million in outflows the same day, their sixth straight day of withdrawals, mostly from BlackRock’s ETHA.
Crypto stocks felt the squeeze in early trade. Strategy held roughly flat, Coinbase, Circle and Bitmine each slid a few tenths of a percent in pre-market, and retail sentiment on Stocktwits across those names sat in bearish territory. The next test for flows is simple: if withdrawals from IBIT, FBTC and ARKB run another two or three sessions, the $80,000 floor comes into play. If they turn back to net buying, the analyst consolidation case holds. For now, redemptions have replaced September’s buying streak as the loudest signal in the bitcoin market.