BlackRock’s Bitcoin ETF Leads $485M Exodus in Worst Day Since Summer

TLDR

• Wednesday saw US spot Bitcoin ETFs hemorrhage $484.9 million, marking the worst single-day performance since late June.
• October’s accumulated gains of $321.6 million were completely wiped out, pushing the month into negative territory by approximately $163 million.
• BlackRock’s flagship iShares Bitcoin Trust dominated withdrawals at $207.7 million, a sharp reversal from Tuesday’s $122 million intake.
• Ethereum-focused ETFs continued their downward spiral with $160.9 million in withdrawals, marking seven consecutive sessions of losses.
• Bitcoin prices hovered around $82,700 Thursday morning, reflecting a roughly 2% decline in the past day.

American spot Bitcoin exchange-traded funds experienced a dramatic reversal on Wednesday, hemorrhaging $484.9 million in net withdrawals, based on tracking data from Farside Investors.

The massive exodus completely reversed Tuesday’s positive momentum, which had seen $118.8 million flow into the investment vehicles.

This represents the most severe single-day capital flight since June 25, when these funds shed $691.7 million.

Month’s Progress Wiped Clean

Prior to Wednesday’s dramatic selloff, Bitcoin-tracking ETFs had accumulated $321.6 million in fresh capital across October’s initial four trading days.

However, a single session’s worth of investor withdrawals completely eliminated those gains.

The products now face approximately $163 million in cumulative outflows for October thus far.

BlackRock’s flagship iShares Bitcoin Trust spearheaded the exodus, shedding $207.7 million. This dramatic shift occurred just 24 hours after the same fund attracted $122 million in new investments.

Fidelity’s Wise Origin Bitcoin Fund experienced the second-largest drain at $105.1 million in departing capital.

The ARK 21Shares Bitcoin ETF saw $101.7 million exit the fund.

These three major players combined represented roughly $414.5 million of Wednesday’s overall withdrawals.

Ethereum Products Face Prolonged Pressure

US spot Ethereum ETFs weren’t spared from the selling pressure Wednesday. These funds registered $160.9 million in net capital outflows, per Farside Investors’ tracking.

This extended the negative streak to seven consecutive trading days for Ethereum-based investment products.

Beginning September 29, Ether ETFs have collectively shed approximately $569 million.

BlackRock’s iShares Ethereum Trust led Ether fund departures at $116.1 million.

The Grayscale Ethereum Trust registered $25.8 million in outgoing capital.

When tallied together, American spot Bitcoin and Ether ETFs witnessed roughly $645.8 million disappear in a single trading session.

Bitcoin exchanged hands near $82,700 Thursday, representing approximately a 2% decrease over the preceding 24-hour period, per CoinGecko data.