US spot Bitcoin exchange-traded funds recorded about $635 million in net outflows on October 22, their largest daily withdrawal since June 25. The outflows erased nearly 60% of the inflows from the previous three trading sessions, led by $254 million in withdrawals from BlackRock’s IBIT and $217 million from Fidelity’s FBTC. Glassnode estimates that the funds acquired their Bitcoin at an average price of about $81,500 and identified $77,600 as the next major downside reference if Bitcoin closes below $80,000. US Ethereum ETFs also lost $111 million, bringing October withdrawals to approximately $1.18 billion. Rising oil prices, Middle East tensions and declines in US equities weighed on risk appetite, while the Federal Reserve’s next policy decision is due on October 28.
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