US spot Bitcoin and Ether exchange-traded funds (ETFs) have recorded nearly $1 billion in combined net outflows so far in October, as withdrawals from the products accelerated through the first week of the month. Net outflows occur when daily redemptions from the funds exceed new investment, and the flow tallies are widely tracked a gauge of demand for crypto exposure through regulated vehicles.

According to data from Farside Investors, Bitcoin ETFs logged $244.1 million in net outflows on Thursday, following $484.9 million in withdrawals on Wednesday — the largest single-day outflow since June 25.

Ether ETFs posted $72.5 million in net outflows on Thursday, extending their losing streak to eight consecutive trading sessions. The funds have shed roughly $641.3 million in net outflows since the streak began on Sept. 29, per Farside Investors.

Month to date, net outflows now total $407.4 million for Bitcoin ETFs and $578.9 million for Ether ETFs. Combined, the two groups of funds recorded $986.3 million in net outflows in October.

The withdrawals coincide with a weakening Bitcoin rally. The cryptocurrency fell to as low as $80,427 on Thursday, according to CoinGecko, and traded at $82,506 at the time of writing.

On-chain analytics firm Glassnode noted that a pickup in spot trading volume and ETF buying would show that Bitcoin's recent breakout had real support behind it. That makes spot volume and ETF demand the indicators to watch in coming sessions, with Farside's daily flow tallies providing an updated read on the outflow streak after each trading day.

US spot Bitcoin ETFs began trading in January 2024, with spot Ether ETFs following in July of that year. Daily flow data for the products is compiled by firms including Farside Investors, giving market participants a running record of how demand through the vehicles has shifted since their launches.