Bitcoin exchange-traded funds have recorded sustained net withdrawals through mid-October, with U.S. spot Bitcoin products shedding 1,892 BTC in a single week and more than 10,000 BTC across two weeks, according to analyst Darkfost. The figures point to weakening demand through the investment-fund channel, even as Bitcoin's price continues to hold above $80,000 amid broader economic uncertainty. Net outflows occur when redemptions from the funds exceed new purchases, reducing the Bitcoin the products hold in custody; because the figures are published each trading day, they offer a running gauge of demand through regulated fund vehicles.

The two-week outflow streak coincided with a round of fresh daily redemptions. On October 16, U.S. spot Bitcoin ETFs posted $82.39 million in net outflows, while spot Ethereum ETFs lost $69.68 million, marking the third consecutive day of withdrawals for the Ethereum products.

Bitcoin and Ethereum ETFs Log Fresh Outflows

BlackRock's IBIT accounted for $71.78 million of the Bitcoin fund outflows recorded on October 16. On the Ethereum side, BlackRock's ETHA accounted for all of that day's net withdrawals.

Darkfost also reported that Bitcoin ETFs lost 1,892 BTC during the week and that more than 10,000 BTC left the funds over the previous two weeks, a sign of slowing demand through this investment channel.

Kyle Chasse said spot Bitcoin ETFs recorded $614.7 million in net outflows during October's first 12 trading days. Bitcoin nevertheless remained above $80,000 after recovering from a dip below that level. Taken together, the figures show fund withdrawals continuing even as Bitcoin holds above $80,000. The U.S. spot Bitcoin ETF segment only began trading in January 2024, making its daily flow reports a relatively new but closely watched demand signal for the asset.

Economic Data Adds to Market Pressure

Chasse cited elevated consumer and producer price index readings alongside uncertainty about the Federal Reserve's next policy move.

He also referenced Grayscale data showing that Bitcoin's one-year volatility had fallen to 43%, below its 10-year average of 64%.

Chasse pointed to October 28 as a date to watch for further clarity on the Federal Reserve's direction. Daily flow reports from the remaining October trading sessions will show whether the withdrawal streak extended past mid-month.

Bitcoin MVRV Falls Below Historical 30th Percentile

In a separate analysis, Darkfost reported that Bitcoin's MVRV metric fell below its historical 30th percentile, measured at 25.7%, after the price was rejected near $87,000. The metric compares Bitcoin's market capitalization with its realized value, which is calculated from the prices at which coins last moved on-chain. The percentile framing places the current reading within Bitcoin's broader historical valuation range.

According to Darkfost, Bitcoin has spent about 25% of its time at this valuation level. He described the range as a recognized accumulation zone, while noting that Bitcoin has moved out of the area of extreme undervaluation that has historically been associated with market lows.

The latest reading therefore follows a capitulation episode and places Bitcoin back within a lower segment of its historical valuation range.

Source: Cryptofrontnews