US spot Bitcoin ETFs closed Friday's session with net withdrawals of approximately $82.4 million on October 16, according to data from Farside Investors.
BlackRock's iShares Bitcoin Trust, known as IBIT, recorded the largest outflow at $71.8 million. Fidelity's Wise Origin Bitcoin Fund, or FBTC, saw about $10.6 million in net outflows, while remaining products were broadly flat for the day.
IBIT's significant share of the withdrawals is noteworthy because the fund has become a key indicator of Bitcoin demand through traditional brokerage accounts.
Weekly Volatility in ETF Demand
The Friday outflows followed a volatile week for the category. October 14 saw roughly $261 million leave the market, while October 15 recorded a modest return to net inflows. This pattern suggests demand remains unsettled rather than following a consistent direction.
Larger individual outflow days have occurred previously. Earlier in October, withdrawals approached $485 million in a single session, demonstrating how rapidly investor appetite through these products can shift.
Broader Context
ETF outflows do not necessarily indicate that all underlying holders have abandoned long-term positions. The measure also does not capture the complete picture of institutional Bitcoin ownership.
Despite the latest withdrawals, cumulative net inflows into the US spot Bitcoin ETF market since the products launched remain substantial. Coming trading sessions will be important in clarifying whether the latest redemptions represent a temporary adjustment or the beginning of sustained demand reduction.
