US spot Bitcoin ETFs log $228.6M weekly outflows as October redemptions near $615M
In brief
- Spot Bitcoin ETFs posted $228.6 million in net outflows in the week to October 16, per Crypto Briefing.
- Month-to-date net outflows reached about $615 million, with some tallies near $618 million, the report said.
- BlackRock's IBIT led weekly outflows, with about $165 million leaving the fund, Crypto Briefing said.
- October outflows remain well under 1% of the funds' $104.29 billion in AUM, per Crypto Briefing.
IBIT led the week's redemptions
About $165 million left IBIT during the week, per the report, and $71.8 million of that came on October 16 alone. IBIT's roughly $165 million made up most of the week's $228.6 million net outflow. Fidelity's Wise Origin Bitcoin Fund (FBTC) also had outflows on October 16, but its share was much smaller at $10.6 million.
This week wasn't the worst stretch of the month, either. Crypto Briefing said the largest single-day outflow of October came on October 7, when $487.1 million left the funds. It also reported that daily trading volume across the funds was above $2 billion on several sessions this month.
How big is $615 million?
Not big, compared with the funds' total assets.
US spot Bitcoin ETFs launched in January 2024, and Crypto Briefing put cumulative inflows since launch at about $56.88 billion. The report said total assets under management across the funds were $104.29 billion as of mid-October, with roughly 1.276 million BTC held between them. Measured against that AUM, October's outflows so far are well under 1%.
That doesn't make them irrelevant. When shares are redeemed, the issuer can have to cut its Bitcoin holdings or its cash position, the report noted. That can lead to selling in the underlying market.
Reading the flows
Crypto Briefing's analysis warned against reading too much into one week. It said a week of redemptions can reflect rebalancing, profit-taking or shifting allocations across a broader portfolio, and isn't necessarily a verdict on Bitcoin itself.
The month-to-date number isn't settled either (Crypto Briefing reported roughly $615 million and noted that some tallies are closer to $618 million). Either way, more money has left these funds than has come in so far in October.
Frequently asked questions
How large are October's Bitcoin ETF outflows compared with total fund assets?
Crypto Briefing reported month-to-date net outflows of about $615 million, and some tallies put the figure near $618 million. Total assets under management across US spot Bitcoin ETFs were $104.29 billion as of mid-October, so the outflows are well under 1% of that figure.
Why do Bitcoin ETF outflows matter for the Bitcoin market?
According to Crypto Briefing, redeeming shares can require an issuer to cut its Bitcoin holdings or its cash position. That can lead to selling in the underlying market. The report also said a week of redemptions can reflect rebalancing, profit-taking or shifting allocations and isn't necessarily a verdict on Bitcoin.
