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Bitcoin ETFs See Massive $773M Outflow
25 Oct
Summary
- Spot Bitcoin ETFs experienced $137.94 million in outflows on Oct. 23.
- Total outflows over two recent sessions reached $773.43 million.
- Weekly Bitcoin ETF flows remain positive despite recent withdrawals.
U.S. spot Bitcoin ETFs recorded substantial net outflows, with $137.94 million leaving the funds on October 23. This followed a significant $635.49 million withdrawal on the preceding day, marking the largest single-day outflow since late June. In total, these two sessions saw combined net withdrawals reach $773.43 million.
BlackRock's iShares Bitcoin Trust experienced the largest outflow on October 23, with $110.34 million withdrawn. Fidelity's Wise Origin Bitcoin Fund also saw outflows of $31.78 million, though Morgan Stanley's MSBT registered a modest inflow of $4.19 million. These withdrawals occurred amidst news of Franklin Templeton receiving Nasdaq approval for two Bitcoin-focused ETFs, which are designed to offer exposure to U.S. equities combined with a strategy for accumulating Bitcoin, rather than tracking its price directly.
Despite the recent outflows, weekly Bitcoin ETF flows remained in positive territory, totaling approximately $228.2 million. Bitcoin itself trades near $80,550, experiencing a slight decline. The cryptocurrency is testing immediate support around $80,000, with key moving averages at $77,500 and $76,200 offering further support. Elevated open interest adds a layer of risk, as a break below $80,000 could potentially trigger leveraged liquidations and accelerate price declines.
