Bitcoin ETFs Bleed $635M as BTC Tests $81,500 Cost Basis
US spot Bitcoin ETFs posted their biggest daily outflow since June 25, just as the price drifted toward what the funds paid on average for their coins.
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Key takeaways
- US spot Bitcoin ETFs saw roughly $635 million in net outflows on Oct. 22.
- It's the largest single-day withdrawal since June 25.
- The outflows erased nearly 60% of inflows from the prior three trading sessions.
- Bitcoin traded near the funds' estimated cost basis of about $81,500.
US spot Bitcoin ETFs shed about $635 million in net outflows on Thursday, Oct. 22. That's the biggest one-day exit since June 25.
Bad timing, and you should notice why. Bitcoin was trading near the estimated cost basis of the coins these funds hold, roughly $81,500. That's the average price ETF investors effectively paid. So the group as a whole was sitting right around break-even. Not a comfortable spot.
A rally of inflows, mostly undone
The withdrawals reversed nearly 60% of the money that poured in over the three previous trading sessions. Three days of buying, mostly gone in one.
The source data doesn't say which funds saw the heaviest redemptions, so don't let anyone tell you they know. And one day isn't a trend. But the size of the exit, and the fact it's the worst daily outflow in about four months, makes it hard to shrug off.
Why the cost basis matters
Cost basis is a psychological line, nothing more mystical than that. Holders sitting on small gains or small losses get twitchy near it. Some sell to keep a profit from turning into a loss. Others wait for a bounce and sell just to get out even. Either way, you get selling.
Why it matters
ETF flows have become one of the cleaner reads on institutional and advisor demand for Bitcoin. If you trade, watch whether the outflows keep coming while price hovers around $81,500. Sustained selling there would say ETF holders are losing patience. A quick return to inflows would say Thursday was a blip. Which is it? The next few sessions will tell you.
Source: CryptoSlate
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