US spot Bitcoin exchange-traded funds recorded $635 million in net withdrawals on October 22, their largest single-day outflow since June, according to SoSoValue data covering US-listed spot funds. The withdrawals brought a brief recovery to a halt and pushed October's cumulative flows below zero, leaving the funds with approximately $175 million in net outflows for the month.

The decline ended a stretch of three consecutive sessions in which investors had deposited money into the products. All figures cited cover completed trading sessions.

Net flow tallies — creations minus redemptions across the funds each session — offer a running measure of investor demand through these exchange-traded vehicles, which is why single-day swings of this size draw attention.

Biggest Daily Outflow Since June

Thursday's withdrawals marked the largest daily loss since June 25, when investors removed $696 million from the funds. The latest session left the products with roughly $175 million in net outflows for October, a shift from the positive monthly flows recorded just one day earlier.

The reversal followed a Monday rebound in Bitcoin ETFs that helped begin a three-day inflow run totaling $1.08 billion, with Wednesday alone contributing $528 million. Those deposits came after two straight losing weeks, during which investors withdrew about $910 million from the funds.

Despite Thursday's pullback, the products retained approximately $443 million in net inflows for the week through October 22, keeping the weekly tally in positive territory. How the remaining October sessions settle will determine whether the month ends in inflow or outflow territory.

BlackRock's IBIT Leads Thursday's Withdrawals

BlackRock's iShares Bitcoin Trust, known as IBIT, accounted for approximately $254 million of Thursday's redemptions, making it the largest single contributor to the daily decline among US spot Bitcoin funds. No other fund matched IBIT's redemption total for the session.

IBIT had attracted around $235 million on Wednesday, while Fidelity's Wise Origin Bitcoin Fund received $212.7 million during the same session. Thursday's outflow exceeded IBIT's prior-day intake by $19 million.

The remaining Bitcoin funds recorded about $381 million in combined net withdrawals across the same trading session.

Ether, Solana and HYPE Funds Also Post Outflows

US spot Ether ETFs lost approximately $111 million on Thursday. The withdrawals extended an earlier period of pressure on the products, which included a week of Ether ETF outflows totaling about $320 million through October 16.

Solana funds recorded around $9 million in net outflows, while funds linked to Hyperliquid's HYPE token lost about $8 million. XRP ETFs moved in the opposite direction, attracting approximately $3.6 million during the session.

Bitcoin Price and ETF Asset Totals

Bitcoin traded between $80,996 and $82,551 on Thursday, staying below Wednesday's high of $84,777. The cryptocurrency changed hands near $81,783 at the time of publication, a 24-hour decline of about 1%, according to CoinGecko.

Thursday's $635 million outflow represented roughly 0.6% of total Bitcoin ETF assets. Since their January 2024 debut, US spot Bitcoin ETFs have accumulated $57.32 billion in net inflows, with combined assets standing at $104.71 billion.

In a separate development, Grayscale expanded direct token subscriptions across several of its crypto funds this week.