American spot Bitcoin ETFs continue to record large outflows. On October 8, $244.1 million flowed out of the funds. A day earlier, the outflow was $484.9 million. Thus, in just two trading sessions, the category lost about $729 million.
Who drove the main outflow
The bulk of the October 8 outflow came from Fidelity's FBTC. About $197.1 million flowed out of the fund. That is roughly 81% of the entire daily outflow across Bitcoin ETFs. ARKB lost about $20.3 million. BITB recorded an outflow of about $17.7 million. Another $8.2 million flowed out of GBTC.
What is happening with IBIT
The largest Bitcoin ETF, BlackRock's IBIT, showed a relatively small outflow of about $5.5 million on October 8. But a day earlier, $207.7 million flowed out of it. This shows that pressure is distributed unevenly among the largest funds from one session to the next. The only positive result that day was posted by Franklin Templeton's EZBC, with an inflow of about $4.7 million.
Why the money is leaving
The main pressure is tied to several external factors at once. Yields on U.S. government bonds remain high. The dollar remains strong. On top of that, the market is factoring in geopolitical uncertainty. In such an environment, investors more often cut risk, and crypto assets come under pressure.
What is happening with Bitcoin
Amid the outflows, BTC fell to $80,427 on Thursday. Later, the price recovered to about $82,506. This movement shows that the market remains sensitive to large capital flows and the external macroeconomic backdrop.
Ethereum remains weaker
Spot Ethereum ETFs have now closed their eighth consecutive negative session. The cumulative outflow over that period has reached about $641.3 million. On October 7, $160.9 million flowed out of ETH funds. On October 8, the outflow was another $72.5 million. The main source of pressure remains large funds, including BlackRock's ETHA.
What is happening with Solana
Solana funds also remain in the red. The negative streak continues for the third session in a row. The latest readings were outflows of about $3.7 million, $4.8 million, and $3.5 million. This shows that the decline in demand is affecting not only Bitcoin and Ethereum.
How much has flowed out since the start of October
Since the start of October, about $986.3 million has been withdrawn from Bitcoin and Ethereum ETFs combined. The $118.8 million inflow into Bitcoin ETFs on October 6 still looks like an isolated positive session within a weaker overall picture. To change the trend, the market will need a series of sustained inflows, not just one positive day.
What's next
The main question for the market is whether institutional money will return in the coming sessions. If outflows continue, pressure on Bitcoin and Ethereum may persist. The dynamics of Ethereum ETFs are especially important, where the negative streak has already become sustained. For Bitcoin, it is critical to understand whether the two-day outflow of $729 million was a short-term reduction in risk or the start of a longer capital exit.
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