Bitcoin ETFs see biggest daily outflow since June

U.S. spot Bitcoin exchange-traded funds recorded their largest daily net outflow since June 25 on October 7, with two data providers estimating withdrawals at about $485 million. Bitcoin traded near $82,700 to $83,000 on October 8, as the selloff put it close to market levels analysts were watching for potential liquidations and buy orders. SoSoValue data cited in one report put the outflow at $487.1 million, while Farside Investors data cited in another placed it at $484.9 million. Both figures identify October 7 as the funds’ biggest single-day withdrawal since June 25, when outflows were reported at $691.7 million. The difference between the October estimates was $2.2 million. The withdrawals reversed an inflow of $118.8 million recorded on October 6. One report said Bitcoin funds had drawn $321.6 million over the first four U.S. trading sessions of October; after the October 7 outflow, the month’s net flows were about $163.3 million negative through that date. Another report put October’s net outflows at $165.6 million. September had brought approximately $2.65 billion in net inflows, according to SoSoValue data.