Quick Read
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Bitcoin ETFs saw $635.6 million in single-day outflows on October 22, Bitcoin's largest since June, snapping a three-day inflow streak.
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BlackRock's IBIT lost $254.1 million and Fidelity's FBTC shed $217.5 million, together accounting for roughly 74% of total outflows.
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Bitcoin is down 7.8% year-to-date but up 23.4% over the last 90 days, suggesting some ETF selling reflects profit-taking after a recent rally.
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Investors withdrew $635.6 million from U.S. spot Bitcoin(CRYPTO: BTC) ETFs, marking the largest single-day outflow since June 25, according to SoSoValue. This exodus halted a three-day streak of inflows.
Bitcoin's price also fell during this period. After closing at about $84,025 on October 21, it fell to $81,307 the next day and traded near $80,483 on the morning of October 24. The largest fund continued to see withdrawals in the following session, raising questions about whether the selling is over or just beginning.
BlackRock's IBIT and Fidelity's FBTC Lead the Outflows on October 22
The iShares Bitcoin Trust ETF( NASDAQ: IBIT ), managed by BlackRock, experienced the largest loss, with $254.1 million pulled out on October 22. Additionally, the Fidelity Wise Origin Bitcoin Fund( CBOE: FBTC ) saw $217.5 million in withdrawals. Together, these two funds accounted for about 74% of that day's total outflows.
Other smaller funds also experienced losses. The ARK 21Shares Bitcoin ETF( CBOE: ARKB ) lost $109.4 million, the Grayscale Bitcoin Trust( NYSEARCA: GBTC ) fell by $29.5 million, and the Bitwise Bitcoin ETF( NYSEARCA:BITB ) lost $27.4 million. Notably, GBTC's relatively minor loss stands out; since it converted to an ETF in January 2024, the fund has seen about $28 billion more exit than enter, largely due to its higher fee of 1.5% compared to IBIT's 0.25%.
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A net outflow indicates that investors cashed in more fund shares than they purchased. This typically forces the fund to sell or return Bitcoin to cover redemptions, increasing the supply of Bitcoin on the market.
Coinbase Wallets Show Bitcoin Moving Both Ways
Coinbase( NASDAQ: COIN ) acts as the custodian for most of these funds, meaning it securely holds the coins. Traders closely watch its institutional wallets. Whale Alert, a service that tracks significant blockchain transfers, noted that 1,909 BTC ($155.7 million) and 789 BTC ($64.3 million) moved into Coinbase Institutional, while 2,163 BTC ($176.3 million) moved out to a new wallet.
Typically, Bitcoin entering an exchange's institutional desk may suggest potential selling, while coins moving to a new wallet imply long-term storage. The recent transfers indicate mixed activity, with inbound amounts totaling about 2,698 BTC, roughly 535 BTC more than withdrawals.
Meanwhile, Coinbase's stock has taken a hit. On October 23, it closed at $164.45, down 2.7% for the day and 17% over the last month. In its second-quarter earnings report, Coinbase said assets on its platform fell to $246 billion from $294 billion, partly due to ETF outflows.
CEO Brian Armstrong noted in a call on July 30 that "Bitcoin tends to cycle," adding that "it will come back in a big way at times."
IBIT Continues to Face Outflows the Following Day
On October 23, IBIT recorded another $110.3 million in net outflows, according to SoSoValue, while FBTC saw $31.8 million withdrawn. The complete tally for all funds for that day was not yet available at the time of writing.
Nevertheless, the weekly totals seem more encouraging. For the week ending October 22, the funds posted a net inflow of $442.7 million, up from $228.6 million in net outflows the previous week.
This rapid shift reflects how quickly investor sentiment can change, similar to the $6.3 billion inflow run seen in Q3 following previous dips. The funds now hold $104.7 billion in net assets and have accumulated $57.3 billion in total net inflows.
Bitcoin's price chart sheds light on some of the current anxieties. While Bitcoin is down 4.4% over the past month and 7.8% year-to-date in 2026, it is still up by 23.4% over the last 90 days. Thus, some of the ETF selling may stem from profit-taking after this recent rally. However, Bitcoin remains approximately 36% below its all-time high of $126,080.
Are the Bitcoin ETF Outflows Finally Over?
Based on IBIT's continued $110.3 million outflow on October 23, the selling doesn't appear to be over yet. With two consecutive days of withdrawals from the largest fund, the pressure on Bitcoin persists. Despite IBIT's substantial net assets of around $65.8 billion, a string of negative days could add stress to the market.
The key indicator to monitor is whether Bitcoin ETF flows turn positive in the week of October 26. If they do, October 22 may be just a temporary setback, similar to the impressive Q3 inflow that followed earlier declines. Conversely, if outflows keep piling up, Bitcoin could revisit its October 15 low of $79,676, about 1% below its current trading level.
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