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US spot Bitcoin ETFs recorded $484.9 million in net outflows on Wednesday, Oct. 7, their heaviest single-day withdrawal since June 25, according to Decrypt. BlackRock’s IBIT absorbed the largest share at $207.7 million, with Fidelity’s FBTC next at $105.1 million.
The move wiped out roughly two weeks of buying in a single session. Decrypt noted that the one-day exit erased about 81% of everything that flowed into the funds over the previous nine sessions. The funds still hold $57.8 billion in cumulative net inflows.
Also readBitcoin ETF Outflows Hit $389.71M, Largest in Six Weeks, as Ethereum ETFs Show Resilience
Key facts
- Bitcoin ETFs lost $484.9 million on Oct. 7, the largest daily outflow since June 25, with IBIT at $207.7 million and FBTC at $105.1 million, per Decrypt.
- October flows swung from $321.6 million of inflows over the first four trading sessions to roughly $163.3 million in net outflows through Oct. 7.
- The 30-year Treasury yield climbed to about 5.7%, its highest since 2002, while Brent crude settled near $100 a barrel, Decrypt reported.
- Bitcoin fell as low as $81,749.83 on Thursday, and roughly $429 million in derivatives positions were liquidated in 24 hours, 87.5% of them longs, per CoinGlass.
- US spot Ether ETFs lost a further $160.9 million on Oct. 7, a seventh straight negative session, with BlackRock’s ETHA accounting for $116.1 million, crypto.news reported.
The macro backdrop, not crypto
Decrypt framed the selling as a macro story rather than a crypto one. The 30-year Treasury yield reached about 5.7% on Wednesday, its highest level since 2002, Brent crude settled near $100, and equities slid from record highs. Attacks on shipping around the Strait of Hormuz have been stacking up at a rate of at least one a day since Oct. 2, keeping oil expensive.
The chain runs from oil to inflation to a hawkish Federal Reserve to high bond yields. The Fed raised rates in September for the first time since 2023, and minutes released Wednesday showed most officials expect another increase before year end. Traders are less convinced: CME FedWatch priced an October hike at 19.4%, while Myriad put the odds at 17%. The Fed next meets Oct. 27-28.
Also readJPMorgan's Q2 13F Reveals Big Bet on Bitcoin, Ethereum, and a Surprise Return to XRP
Support under pressure
Bitcoin traded around $82,674 at the latest CoinGecko reading cited by crypto.news, down about 1.7% over 24 hours, with a daily range of $82,317 to $84,340 and volume near $39.4 billion. CoinGecko data showed BTC closing at $85,771 on Oct. 5, $85,540 on Oct. 6 and $83,282 on Oct. 7.
Glassnode placed the nearest major liquidation cluster between $81,700 and $83,300, almost exactly where price was trading, and identified a large block of Binance spot bids at $81,000-$81,250. The analytics firm said combined spot and ETF volume averaged about $6.8 billion a day over seven days, lower than nine out of every ten trading days since January 2024. Santiment recorded a net 24,073 BTC withdrawal from exchanges on Oct. 5, the largest daily outflow in seven months, leaving exchange-held supply at roughly 6.5% of total supply.
Trader Daan Crypto Trades said on X that $83,000 is the level bulls need to reclaim and hold, and pointed to $75,000 and $72,000 as downside levels if weakness continues. Ted Pillows described BTC as range-bound between roughly $82,500 and $87,500. Those are analyst targets, not confirmed destinations.
Why it matters
This is the first serious test of institutional demand since late September’s heavier buying, and the selling was broad rather than confined to Bitcoin. News.bitcoin reported that Bitcoin and Ether ETFs together shed $647.84 million on Wednesday, with Zcash funds losing $8.49 million through Grayscale’s ZCSH and Solana ETFs posting a third straight day of outflows. NEAR was the only major category in positive territory, with Bitwise’s NRR attracting $3.34 million.
The comparison with 2025 matters for sentiment: Bitcoin had risen in October six years running before a 3.69% decline last year. The funds opened this month with inflows and are now in the red, with the Halloween close still weeks away.
What to watch
The Fed’s Oct. 27-28 meeting is the next scheduled catalyst, with the policy statement and press conference due Oct. 28. Between now and then, flow data will show whether Wednesday was a one-day reset after September’s accumulation or the start of a longer de-risking phase. A settled close back above $85,500 would recover the level lost earlier in the week, according to Glassnode.
The above is not financial advice, and crypto and ETF markets are volatile and uncertain.
Sources: Decrypt, Crypto.news, News.bitcoin
