Bitcoin ETFs lose $635 million in largest outflow since June

U.S. spot Bitcoin exchange-traded funds recorded about $635 million in net withdrawals on Thursday, October 22, reversing three consecutive sessions of inflows and pushing October’s flows back into negative territory. The withdrawals were the largest daily outflow since June 25, according to fund-flow data cited in the reports. The Thursday outflow erased nearly $600 million of the roughly $1.07 billion to $1.08 billion that funds had attracted over the previous three sessions. Despite the sharp reversal, Bitcoin ETFs remained about $443 million positive for the week through Thursday. For October, they were down approximately $175 million after having been in positive territory a day earlier. BlackRock’s iShares Bitcoin Trust, known as IBIT, had the largest withdrawal among the Bitcoin funds, with about $254 million leaving the fund. Fidelity’s FBTC recorded approximately $217 million in outflows. Together, the two funds accounted for most of the day’s withdrawals. Morgan Stanley’s MSBT was among the funds, and the only one identified in the reports, to record an inflow, receiving about $2.3 million. The reversal came a day after Bitcoin ETFs recorded more than $500 million in...