U.S.-listed spot Bitcoin ETFs returned to positive weekly flows after two consecutive periods of net withdrawals, attracting $301.2 million during the five trading sessions ended October 23. According to Farside Investors’ ETF flow data, the rebound followed $228.4 million of net outflows in the previous week and $678.9 million in withdrawals during October 5-9, ending a two-week negative streak.
The weekly total masked a sharp reversal inside the period. Bitcoin ETFs attracted $1.0747 billion from Monday through Wednesday before surrendering $773.5 million across Thursday and Friday. BlackRock’s IBIT was particularly influential, taking in $665.2 million on October 19 before losing $254.1 million Thursday and $110.3 million Friday, yet still finishing the week with roughly $565.7 million in net inflows. Similar concentration has previously allowed IBIT to dominate aggregate Bitcoin ETF flows.
Early Inflows Give Way to Late-Week Redemptions
Daily flows illustrate how quickly the direction changed. Funds added $526.7 million Monday, $23.2 million Tuesday and $524.8 million Wednesday before posting $635.6 million of withdrawals Thursday and another $137.9 million Friday. Thursday alone erased nearly 60% of the capital accumulated during the first three sessions. The reversal followed a previous week in which Bitcoin and Ether ETFs both experienced substantial withdrawals.
Research attributed to DWF Labs suggests this behavior fits a broader historical pattern rather than representing an isolated week. Its analysis of 694 trading sessions found net ETF outflows during seven of Bitcoin’s eight declines of at least 15% since January 2024, while flows correlated more strongly with the preceding five days of price action than with the following five. The data suggest ETF flows have generally reacted to major Bitcoin moves more than predicted them, although they do not reveal which investor categories produced those creations or redemptions.
Bitcoin’s price also moved sharply during the week. The asset reached roughly $84,840 on October 21 before closing near $81,100 by October 23 and briefly falling below $80,000 over the weekend. Coinbase Institutional identifies $80,000-$82,000 as an important near-term zone because its estimated ETF-holder break-even near $81,300 overlaps with the 50-day moving average around $81,700. That level is an analytical estimate rather than a confirmed purchase price for every ETF shareholder.
October Remains Negative Despite Weekly Rebound
The positive week was not enough to turn October’s cumulative flows positive. Adding Farside’s daily figures from October 1 through October 23 produces approximately $313.5 million in net withdrawals. Bitcoin ETFs therefore remain net negative for October despite the $301.2 million weekly recovery. Previous sessions have shown similarly sharp direction changes, including a $450.4 million one-day withdrawal and periods when positive ETF flows coincided with falling Bitcoin prices.
Ether funds remained weaker over the same period. U.S. spot Ether ETFs recorded approximately $220.7 million in net withdrawals during the week ended October 23, extending their negative sequence to four consecutive weeks. Bitcoin and Ether ETF flows therefore diverged at the weekly level, with Bitcoin returning to net creations while Ether products remained in net redemption territory.
The late-week reversal also coincided with a broader risk-off environment. U.S. technology shares sold off sharply on October 22 as investors reassessed heavy AI capital spending, while escalating Middle East tensions pushed oil prices higher. Those macro developments provide context for weaker risk appetite but do not establish a direct causal link to Bitcoin ETF redemptions.
For now, the clearest signal is a return to positive weekly Bitcoin ETF creations after two negative weeks, accompanied by unusually large daily reversals. The $301.2 million headline therefore captures the net result, but the underlying sessions show that demand through regulated Bitcoin funds remained highly uneven through October 23.
