Bitcoin ETF outflows reached $244.1 million on Thursday. This followed Wednesday’s $484.9 million in withdrawals. That was the largest daily outflow since June 25. Farside Investors reported the data.
Why Bitcoin ETF outflows matter
October net outflows now total $407.4 million for Bitcoin ETFs. Ether ETFs recorded $578.9 million in outflows. Combined, the funds recorded $986.3 million in net outflows this month. Therefore, October is shaping up as a difficult month for crypto ETFs.
Ether funds extend losing streak to eight sessions
Ether ETFs posted $72.5 million in net outflows on Thursday. Consequently, their losing streak reached eight consecutive trading sessions. The streak began September 29. During that period, the funds shed about $641.3 million in net outflows.
Bitcoin price weakens alongside outflows
The withdrawals coincide with a weakening Bitcoin rally. The cryptocurrency fell to as low as $80,427 on Thursday. TradingView confirmed the price. At press time, Bitcoin traded at $82,448.
According to Glassnode, a pickup in spot trading volume and ETF buying would show real support. This would confirm that Bitcoin’s recent breakout had genuine backing.
What comes next
Bitcoin ETF outflows may continue if price weakness persists. However, a recovery could bring inflows back. Meanwhile, Ether’s eight-day streak signals caution. Therefore, traders will watch both trends closely.