Bitcoin ETFs Suffer Worst Loss Since June as Uptober Turns Red
U.S. spot Bitcoin ETFs recorded $484.9 million in outflows on Wednesday, their largest single-day withdrawal since June 25. BlackRock’s IBIT lost $207.7 million and Fidelity’s FBTC $105.1 million. The withdrawals reversed about 81% of inflows from the prior nine sessions, though cumulative net inflows remain $57.8 billion. The sell-off coincided with rising Treasury yields, oil near $100 a barrel and falling stocks, as investors weighed inflation and the prospect of tighter Fed policy. Bitcoin dropped about 6% from its weekly peak to $81,750, while roughly $429 million in crypto positions were liquidated over 24 hours, mostly long bets. Fed minutes showed most officials expected another rate increase before year-end, though market odds of an October hike remained low.
