U.S. spot Bitcoin ETFs have recorded $254.7 million in net outflows over the 30 calendar days through Oct. 26, even as BlackRock’s IBIT has attracted nearly $962 million during the same period.
Summary
- Bitcoin ETFs lost $254.7 million over the 30 calendar days through Oct. 26, calculated from Farside’s daily totals.
- BlackRock’s IBIT gained $961.9 million during that period, while Fidelity’s FBTC lost $725 million.
- Three subsequent positive sessions brought $423.6 million into the funds through Oct. 28.
- Glassnode placed the estimated cost basis of ETF Bitcoin holdings near $81,500 in its Oct. 28 report.
Farside Investors’ historical data put the combined withdrawal at $254.7 million when its rounded daily totals are added for Sep. 27–Oct. 26, with the first trading session falling on Sep. 28.
Bitcoin ETF outflows leave issuers with different results
The same historical table shows ARK 21Shares’ ARKB losing $281.3 million across the 30-day window. IBIT’s positive total therefore sat alongside withdrawals from competing products, with the category finishing negative after all issuers were combined.
For a July comparison, adding Farside’s rounded daily totals for June 28–July 27 produces $230.9 million in net withdrawals. The October window’s loss was $23.8 million larger. Both calculations cover 30 calendar days and include only the U.S. trading sessions within those dates.
Earlier October coverage documented another week of Bitcoin fund withdrawals during Oct. 12–16. As crypto.news previously reported on Oct. 17, Bitcoin products lost $228.4 million despite recording two positive sessions.
Across that five-session period, IBIT shed $165.4 million, and FBTC lost $60.2 million. Morgan Stanley’s MSBT attracted $6.7 million, while Bitwise’s BITB received $2.2 million. Invesco’s BTCO and Grayscale’s Bitcoin Mini Trust finished with respective withdrawals of $4.1 million and $7.6 million.
BlackRock leads three sessions of renewed buying
Farside’s latest daily table shows net inflows of $110.3 million on Oct. 26, $176 million on Oct. 27 and $137.3 million on Oct. 28. Together, the three completed sessions brought in $423.6 million.
BlackRock accounted for $397.8 million, or roughly 93.9% of that total, calculated from IBIT’s daily entries. Fidelity contributed $24.5 million on Oct. 27, and Bitwise added $1.3 million on Oct. 28. The other listed products showed zero net flows across those sessions.
The buying followed $635.6 million in withdrawals on Oct. 22 and another $137.9 million the next day. Combined, those two sessions removed $773.5 million; the subsequent three-day intake recovered approximately 54.8% of that amount.
A separate Oct. 29 account of three consecutive inflow sessions cited SoSoValue’s total of $423.66 million. Its daily figures were $110.34 million, $175.99 million and $137.33 million, respectively.
SoSoValue placed the funds’ combined net assets at $104.88 billion through Oct. 28, with cumulative net inflows of $57.61 billion. The same coverage recorded Bitcoin at $79,810.94 on Oct. 29, down 1.50% at its reporting time despite the return of positive ETF flows.
Glassnode reports thin ETF trading near $80,000
Glassnode’s Oct. 28 market report described ETF demand as weak, with trading averaging approximately $1.3 billion a day since May. Volume fell to $700 million on Oct. 23, among the quietest sessions of the year in its dataset.
The firm put the estimated average purchase price of ETF Bitcoin holdings at $81,500. Its True Market Mean, an estimate of active investors’ average cost basis, stood lower at $77,900.
On Binance’s spot order book, Glassnode found that bids around $80,000 had been filled during the Oct. 24 decline without being replenished. Remaining bids at that level totaled $3.4 million, while orders around $78,000–$79,000 reached $42 million, up from $24 million in mid-October.
Its analysis used price and order-book observations through Oct. 27, while daily metrics, including ETF flows, ran through Oct. 25 or Oct. 26.
Bitfinex had tracked slower buying around breakeven
The cooling in fund demand had appeared earlier in the month. An Oct. 6 account of slower Bitcoin ETF buying described Bitfinex analysts’ assessment that weekly inflows had fallen from $2.39 billion to $241.1 million for Sep. 28–Oct. 2.
Bitfinex’s Oct. 5 analysis recorded a nine-session inflow streak totaling $3.08 billion before a $148.7 million withdrawal on Sep. 30 ended the run. Its analysts linked the slower buying to investors returning toward their estimated entry prices, presenting that explanation as a possible contributor.
“Our upside view is intact, but the timing depends on flows and not on the calendar,” the team wrote.
Using Checkonchain’s flow-weighted measure, the report placed ETF investors’ average entry price at $84,320. Its alternative Glassnode estimate was approximately $81,700 at the time. Bitcoin had spent 233 consecutive days below the Checkonchain estimate, from Jan. 31 through Sep. 20, before reclaiming it on Sep. 21.
U.S. redemption rules permit transfers of Bitcoin
The Securities and Exchange Commission approved orders in July 2025 allowing authorized participants to create and redeem crypto exchange-traded product shares in kind. Previously approved spot Bitcoin and Ether products had been restricted to cash transactions.
In its announcement, the agency said the change brought those products into line with other commodity-based exchange-traded products. Jamie Selway, then director of its Division of Trading and Markets, described flexibility and cost savings for issuers, authorized participants and investors as benefits of the process.
Commissioner Mark Uyeda’s accompanying statement described the earlier cash-only structure as requiring authorized participants to redeem shares for U.S. dollars, forcing issuers to buy or sell the underlying crypto asset on the open market. He identified transaction costs and exposure to price slippage among the burdens of that structure.
