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US spot Bitcoin ETFs bled $635 million on October 22, according to SoSoValue data reported by Odaily. That is a sharp reversal for a product category that had spent the previous few days collecting cash.
BlackRock’s iShares Bitcoin Trust (IBIT), the biggest name in the space, was the largest single source of the outflow. Investors pulled $254 million from the fund in one session.
A busy week in reverse
The timing is what makes the number stand out. In the three days before October 22, these funds attracted more than $1 billion in combined inflows.
October 21 alone brought in approximately $528 million. Most of that came from the two heavyweights of the category.
IBIT took in $235 million that day. Fidelity’s Wise Origin Bitcoin Fund (FBTC) added $212.7 million.
Then the next day happened. IBIT’s $254 million outflow on October 22 was larger than its entire $235 million haul from the session before, which means the fund gave back a full day of gains plus about $19 million more.
With IBIT responsible for $254 million of the $635 million total, other issuers accounted for roughly $381 million in redemptions between them.
October has been choppy overall. Earlier in the month, certain stretches saw outflows reaching as high as $600 to $900 million, and mid-October brought only a modest uptick in flows before the late-week rally in demand.
The bigger picture since launch
One rough day does not erase the longer trend. Cumulative net inflows into US spot Bitcoin ETFs since their January 2024 debut have now approached $57 to $58 billion.
Total net assets held across these funds are estimated at between $100 billion and $109 billion. That puts a $635 million day into perspective: meaningful, headline-worthy, but well under 1% of the asset base.
The Bitcoin price itself held a relatively steady range of $82,000 to $85,000 around this period. The research shows minimal direct correlation between the ETF flow figures and Bitcoin’s price during these swings.
What this means for investors
For anyone tracking institutional demand, the key question is whether October 22 marks a turn or a blip. Earlier October buying has been read as a sign of resilient institutional appetite amid ongoing macroeconomic uncertainty.
The fact that Bitcoin stayed within its $82,000 to $85,000 band is arguably the more important data point. If $635 million in redemptions cannot push the price out of its range, it suggests there is enough buying elsewhere in the market to absorb that selling.
Watch whether cumulative inflows keep climbing toward and past the $57 to $58 billion mark, and whether total net assets hold within or above the $100 billion to $109 billion range.
When the two largest issuers move in the same direction, as they did on the inflow side on October 21, it tends to say more about broad institutional sentiment than scattered moves among smaller funds.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
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