Bitcoin exchange-traded funds (ETFs) ended a nine-day run of positive inflows on Friday, October 10, posting $4.5 million in net outflows as Bitcoin’s price tumbled sharply. The reversal follows a streak that saw more than $5 billion flow into Bitcoin ETFs since October 1.
Bitcoin price drops amid profit-taking
Bitcoin fell 8% over the last 24 hours, sliding from a 24-hour high of $122,000 to as low as $105,000 before recovering to $111,700. Analysts said the sharp decline likely prompted profit-taking among institutional investors who had added to their positions during the prior inflow streak.
Despite the setback, cumulative total net inflows remain strong at $62.77 billion across all Bitcoin ETF products, while total net assets stand at $158.96 billion, according to data from SoSo Value.
Mixed performance across ETF issuers
The outflows were uneven across major ETF providers. BlackRock’s IBIT fund managed to attract $74.21 million in new inflows, partially offsetting broader redemptions. Fidelity’s FBTC saw $10.18 million in outflows, while Grayscale’s GBTC recorded $19.21 million in redemptions and its BTC product lost $5.68 million.
Ark 21Shares’ ARKB registered $6.21 million in outflows, and Bitwise’s BITB experienced the largest single-day redemption at $37.45 million. Several ETFs, including VanEck’s HODL and Invesco’s BTCO, reported zero net flows for the day.
Institutional sentiment turns cautious
The previous day, October 9, had seen $197.68 million in inflows, maintaining strong institutional interest in Bitcoin exposure throughout much of the month. However, the abrupt price drop appears to have spurred a wave of redemptions as investors locked in profits and reassessed short-term risks.
Bitcoin’s partial rebound to $111,700 indicates that the market found support near lower levels, but ETF flow data suggest growing caution among institutional investors amid ongoing volatility.
