US spot Bitcoin ETFs recorded $635 million in net outflows on October 22, according to SoSoValue data reported by Odaily, marking a sharp reversal after several days of inflows.
BlackRock's IBIT Leads Redemptions
BlackRock's iShares Bitcoin Trust (IBIT) was the largest single source of outflows, with investors withdrawing $254 million from the fund in one session. That outflow exceeded the $235 million IBIT took in the previous day, meaning the fund gave back a full day of gains plus about $19 million more.
With IBIT accounting for $254 million of the $635 million total, other issuers accounted for roughly $381 million in redemptions combined.
Contrast With Prior Days
The outflow followed a strong stretch for the category. In the three days before October 22, the funds attracted more than $1 billion in combined inflows. On October 21 alone, approximately $528 million flowed in, with IBIT taking in $235 million and Fidelity's Wise Origin Bitcoin Fund (FBTC) adding $212.7 million.
October has been volatile overall. Earlier in the month, certain periods saw outflows reaching as high as $600 million to $900 million, and mid-October brought only a modest uptick in flows before the late-week rally in demand.
Longer-Term Flows Remain Positive
Despite the single-day outflow, cumulative net inflows into US spot Bitcoin ETFs since their January 2024 debut have approached $57 billion to $58 billion. Total net assets across these funds are estimated at between $100 billion and $109 billion, putting the $635 million day well under 1% of the asset base.
Bitcoin's price held a relatively steady range of $82,000 to $85,000 around this period. The research shows minimal direct correlation between ETF flow figures and Bitcoin's price during these swings.
What to Watch
For investors tracking institutional demand, the key question is whether October 22 marks a turn or a blip. Earlier October buying was read as a sign of resilient institutional appetite amid ongoing macroeconomic uncertainty.
Bitcoin remaining within its $82,000 to $85,000 band may be the more important data point: if $635 million in redemptions cannot push the price out of its range, it suggests enough buying elsewhere in the market to absorb that selling.
Investors will watch whether cumulative inflows keep climbing toward and past the $57 billion to $58 billion mark, and whether total net assets hold within or above the $100 billion to $109 billion range. When the two largest issuers move in the same direction, as they did on the inflow side on October 21, it tends to say more about broad institutional sentiment than scattered moves among smaller funds.
