Bitcoin ETFs suffer biggest exodus since June as Ethereum withdrawals hit nine-month high
Summary
US spot Bitcoin ETFs recorded $484.9 million in outflows on Oct. 7, the largest daily withdrawal since June 25, while Ethereum ETFs lost $160.9 million. The combined $646 million exit came as Bitcoin closed below $83,000 and Ethereum neared $2,500. Recent Bitcoin ETF inflows had already weakened, with demand concentrated in BlackRock’s IBIT; its shift to outflows removed a key source of support. Bitfinex estimated ETF investors’ average Bitcoin cost basis at $84,318 and warned further price declines could encourage redemptions. Ethereum’s persistent ETF outflows and negative perpetual-futures funding rates also point to weakening demand. Analysts said weaker institutional inflows could leave altcoins vulnerable if Bitcoin falls further.
