U.S. spot Bitcoin ETFs recorded $635.6 million in net outflows on Thursday, erasing nearly 60% of the roughly $1.07 billion the funds had taken in over the previous three sessions and flipping October back to a net loss of about $176 million, according to Decrypt's ETF tracker, which compiles daily disclosures from fund issuers.

The sell-off came a day after the funds had appeared to have fully recovered their October losses, with the three-day inflow streak lifting the month's cumulative tally to roughly $460 million as of Wednesday. The pullback marked the funds' largest single-day exit of the month, surpassing the $484.9 million withdrawal on Oct. 7 that had been, at the time, the worst session since June. Cumulative net inflows since launch slipped to $57.8 billion, with total net assets across the funds standing at $100.2 billion. Turning the month positive again would now require the remaining sessions to bring in more than roughly $176 million in net inflows.

Ethereum ETFs followed suit, shedding $110.6 million just one day after snapping a five-day outflow streak, bringing their October losses to roughly $1.18 billion. Solana ETFs lost $8.9 million, taking their monthly outflows to about $68 million; the Solana products have logged only two days of inflows in October.

Spot crypto ETFs hold the underlying asset—such as Bitcoin or Ethereum—and trade on stock exchanges like ordinary shares, allowing investors to gain exposure to the tokens through a regular brokerage account without having to buy or store crypto themselves. Bitcoin funds debuted in January 2024 and have since drawn $57.8 billion in net inflows, while Ethereum funds, which followed that July, have taken in $12.7 billion. Solana funds arrived late last year. Because issuers report flows daily and much of the money comes from institutions and financial advisers, the figures have become one of the most closely watched gauges of investor sentiment in crypto. A net-outflow day simply means withdrawals from the funds outpaced new investment.

Thursday's selling coincided with a difficult session across broader markets. Oil climbed above $111 a barrel as AI stocks slid, dragging the S&P 500 and global markets lower. The Federal Reserve next meets Oct. 27–28, with traders anticipating a "hold"—meaning no increase to interest rates, a scenario that generally bodes well for risk assets like crypto.

Despite the heavy ETF outflows, prices barely budged. Bitcoin traded near $81,460 on Friday, flat over 24 hours and down 0.4% on the week. Ethereum dipped 0.2% to about $2,400, and Solana slipped 0.3% to roughly $104. The 30-day declines are steeper: Bitcoin is down 4.8%, Ethereum 11.4%, and Solana 10.4%. Total crypto market capitalization held at about $2.85 trillion, while trading volume fell 20% to $67.1 billion.

Bitcoin has settled into a wait-and-see mode, analysts told Decrypt, and that may not be a bad thing the market.

Traders on Myriad, a prediction market developed by Decrypt's parent company Dastan, have trimmed their bets on an October breakout. They now give Bitcoin a 17% chance of topping $87,500 before the month ends, down from 20% a day earlier, and just 9% odds of reaching $90,000. The odds of a slide to $77,500 stand at 32%. Sentiment in Myriad's open-ended markets is more upbeat: users give Ethereum a 61.3% chance of reaching $3,000 before $1,500, and Solana a 54.9% chance of hitting $160 before $40.