Spot Bitcoin ETFs Shed $636M in a Day as IBIT Loses $254M

US spot Bitcoin ETFs recorded about $636 million in net outflows on Oct. 22, The Block reports. The withdrawals largely erased the $528 million of inflows from Oct. 21 and marked the biggest daily outflow since June, according to the outlet.

Details

The two largest funds drove the move: BlackRock's IBIT shed $254.1 million and Fidelity's FBTC $217.5 million. ARK 21Shares' ARKB lost another $109.4 million. Per SoSoValue data on CoinLab's ETF flows page, Grayscale's GBTC lost $29.5 million and Bitwise's BITB $27.4 million, while Morgan Stanley's MSBT took in $2.3 million. Our figures for ARKB, GBTC, BITB and MSBT match The Block's; our database had no values yet for IBIT and FBTC at publication, so those two come from The Block.

Despite the reversal, The Block calculates that the week remains positive, with about $442.7 million in net inflows across five sessions. It also ties the day to weakness in tech stocks and about $440 million in crypto liquidations over 24 hours; we have not independently checked the liquidation figure against exchange data.

What this means for the market

One day of outflows does not change the weekly picture: ETFs gave back a large part of the inflows from the previous three sessions, but the week is still in the black. ETF flows are only one factor and do not predict price on their own. For the live Bitcoin price see the daily briefing, and for more on the asset the Bitcoin page.

Published Oct. 23, 7:40 AM ET. This is not investment advice.