U.S. investors pulled $635.6 million from spot bitcoin exchange-traded funds on Thursday, reversing the buying trend seen earlier in the week as a jump in oil prices renewed concern about riskier assets. According to Bitcoin Magazine, the withdrawals coincided with heightened tensions in the Middle East and pushed bitcoin below $81,000 at one point.
BlackRock and Fidelity funds lead withdrawals
The largest outflow came from BlackRock’s iShares Bitcoin Trust, where investors withdrew more than $254 million. Fidelity’s Wise Origin Bitcoin Fund recorded the second-largest loss, with withdrawals approaching $218 million.
Other funds also saw substantial redemptions:
- More than $109 million left the ARK 21Shares Bitcoin ETF.
- Morgan Stanley’s fund lost nearly $30 million.
- Bitwise’s bitcoin ETF recorded outflows of more than $27 million.
Despite Thursday’s selling, spot bitcoin ETFs still recorded more than $439 million in net positive investment during the week. That weekly figure indicates that the day’s withdrawals reversed only part of the money that had flowed into the products earlier in the week.
Spot bitcoin ETFs hold bitcoin exposure in a regulated exchange-traded structure. Their daily creations and redemptions can provide a gauge of investor demand, although the source material does not establish that ETF flows alone caused bitcoin’s price movement.
Oil spike puts markets in risk-off mode
The shift in investor behavior followed a rise in oil prices after an attack by the Houthi rebel group in Yemen on Saudi Arabia. Brent crude reached its highest level in five months, raising concerns about further disruption to energy supplies.
Higher oil prices can add to inflation pressures and increase the possibility of interest-rate increases by the U.S. central bank. Bitcoin and technology stocks are often treated by investors as risk-on assets, meaning they may face pressure when markets anticipate tighter monetary conditions. Bitcoin has generally performed better in periods of lower interest rates, when liquidity conditions are more supportive of assets seen as riskier.
The broader market also showed signs of caution on Thursday, with investors selling technology shares after those stocks had rallied earlier in the week following strong SpaceX earnings.
Bitcoin remains below its 2025 record
Bitcoin fell below $81,000 during the session before recovering to nearly $81,669, where it was down about 1% over 24 hours in the source report. The cryptocurrency reached a record $126,080 in October 2025, but later declined after a liquidation event closed more than $19 billion in crypto positions.
It traded well below that peak during the first half of 2026, then strengthened in August and September, recording its best quarter in years. Data from the previous month showed bitcoin moving above its 365-day moving average, a level analysts commonly view as a sign that the asset may have moved out of a bear market. Some analysts are now describing bitcoin as entering a new bull market, although Thursday’s ETF outflows show that investor sentiment remains sensitive to wider economic and geopolitical developments.
Moneyiar market picture
Moneyiar data at 08:24 on October 24, 2026, put bitcoin at $80,682.90, down 1.25% over 24 hours and 1.13% over seven days. Aethir was at $0.0059446773, down 8.99% in 24 hours but up 3.93% over seven days. ONEchain traded at $0.1019133604, down 1.01% and 5.30% over those periods, respectively, while RedStone stood at $0.1488305205, up 5.61% over 24 hours and 4.27% over seven days.
