On Friday, October 10, there was a net outflow of funds from US spot bitcoin ETF amounted to $4,5 million, ending a nine-day streak of inflows that had seen them raise more than $5 billion.
Outflows on Friday were uneven, with BlackRock’s largest IBIT fund raising $74,21 million, while Fidelity’s FBTC lost about $10,18 million, Grayscale’s GBTC lost $19,21 million, and Grayscale’s BTC saw nearly $5,68 million withdrawn. Some spot bitcoin ETF recorded a zero result.
Massive outflow of funds from the US Bitcoin-funds coincided with a sharp drop in the price of the flagship cryptocurrency, which plunged 8% on Friday from $122,000 to $105,000. This likely triggered profit-taking by institutional investors, who had been accumulating positions during the nine-day period of inflows.
Bitcoin’s recovery to $111,700 suggests the sell-off has found support at lower levels. However, the outflow of funds from spot BTC-ETF indicates institutional investors are cautious about the short-term direction of price movement.
On the evening of October 11 Bitcoin was trading at $112,020. It has fallen 8,27% over the past week and 4,5% in the past 24 hours.