Bitcoin ETF · Bitcoin · Federal Reserve (FED) · CryptoSlate
Bitcoin ETFs shed $635 million as BTC tests their holdings’ estimated $81,500 cost basis
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US spot Bitcoin exchange-traded funds recorded about $635 million in net outflows Thursday as the cryptocurrency traded near the estimated cost basis of the funds' Bitcoin holdings.
Key facts
- ARK Invest's ARKB shed another $109 million, while Grayscale's GBTC and Bitwise's BITB lost $30 million and $27 million, respectively
- BlackRock's iShares Bitcoin Trust (IBIT) led the selling with $254 million in withdrawals, followed by Fidelity's FBTC at $217 million
- SoSoValue ETF flow data show BlackRock's ETHA lost $75 million, while its staking-focused ETHB product recorded another $17 million in withdrawals
- Bitcoin funds attracted $527 million on Oct. 19, then $23 million on Oct. 20 and $528 million on Oct. 21
Summary
01 Bitcoin ETFs shed about $635 million on Oct. 22, their largest daily outflow since June, erasing nearly 60% of three days' inflows. 02 Glassnode estimates an $81,500 cost basis for the Bitcoin held by US spot ETFs, near the latest pullback. 03 Glassnode puts the next downside reference near $77,600 if Bitcoin closes below $80,000. The Oct. 22 withdrawals were the largest daily outflow since June 25 and reversed nearly 60% of the inflows the funds attracted over the previous three trading sessions, per SoSoValue data.