Spot Bitcoin ETFs post $635 million outflow on October 22, led by BlackRock's IBIT
In brief
- US spot Bitcoin ETFs recorded $635 million in net outflows on October 22, per SoSoValue data.
- BlackRock's IBIT was the largest single source, losing $254 million in one session.
- IBIT's outflow exceeded its $235 million October 21 inflow by about $19 million.
- Other issuers accounted for roughly $381 million of the day's redemptions.
- Crypto Briefing put the outflow at well under 1% of the funds' asset base.
IBIT hands back more than a day's inflows
The reversal came fast. On October 21, the funds took in approximately $528 million, according to the SoSoValue figures cited by Crypto Briefing. IBIT accounted for $235 million of that, and Fidelity's Wise Origin Bitcoin Fund (FBTC) added $212.7 million.
IBIT's $254 million outflow on October 22 was larger than its entire haul from the prior session (by about $19 million). BlackRock's fund, which Crypto Briefing called the biggest name in the space, swung from a $235 million inflow to a $254 million outflow in back-to-back sessions. It wasn't a one-fund story, though. Per the outlet's arithmetic, issuers other than IBIT accounted for roughly $381 million in redemptions that day.
IBIT led, but it didn't act alone.
A choppy month for ETF flows
October flows haven't moved in a straight line. Crypto Briefing reported that certain stretches earlier in the month saw outflows as high as $600 million to $900 million, while mid-October brought only a modest uptick in flows before a late-week rally in demand. The outlet said that earlier buying had been read as a sign of resilient institutional appetite amid macroeconomic uncertainty.
How big is $635 million?
US spot Bitcoin ETFs debuted in January 2024. Since then, cumulative net inflows have approached $57 billion to $58 billion, and total net assets across the funds are estimated at between $100 billion and $109 billion, according to Crypto Briefing's figures.
"That puts a $635 million day into perspective: meaningful, headline-worthy, but well under 1% of the asset base." (Crypto Briefing)
Bitcoin's price held a range of roughly $82,000 to $85,000 around this period, the outlet reported. It also said research showed minimal direct correlation between ETF flow figures and Bitcoin's price during these swings (it didn't name the research it was citing).
Frequently asked questions
How large was the October 22 Bitcoin ETF outflow compared with total fund assets?
US spot Bitcoin ETFs saw $635 million in net outflows on October 22, per SoSoValue data. Crypto Briefing estimated total net assets across the funds at between $100 billion and $109 billion and described the outflow as well under 1% of the asset base.
How much did BlackRock's IBIT lose on October 22?
Investors pulled $254 million from BlackRock's iShares Bitcoin Trust (IBIT) in one session on October 22, making it the largest single source of the day's outflow. That was about $19 million more than the $235 million IBIT took in on October 21.
