US-listed spot Bitcoin exchange-traded funds recorded approximately $635 million in net withdrawals on Oct. 22, their largest one-day outflow since June, as Bitcoin traded close to Glassnode’s estimated $81,500 average acquisition price for ETF-held coins. The reversal erased nearly 60% of the inflows recorded during the previous three trading sessions, according to CryptoSlate, citing SoSoValue data.
The withdrawals came as Bitcoin fell as low as $80,841 during the reporting period. The cryptocurrency has struggled to regain momentum amid wider market unease, including escalating Middle East tensions, higher oil prices and renewed concerns over the returns from heavy spending on artificial-intelligence infrastructure.
BlackRock and Fidelity account for most withdrawals
BlackRock’s iShares Bitcoin Trust, known by the ticker IBIT, led the outflows with about $254 million. Fidelity’s FBTC followed with approximately $217 million. Combined, the two funds represented roughly 74.2% of the day’s total net withdrawals.
ARK Invest’s ARKB recorded about $109 million in outflows. Grayscale’s GBTC lost approximately $30 million, while Bitwise’s BITB saw withdrawals of around $27 million. Morgan Stanley’s MSBT was the only fund listed as attracting new money, with about $2 million in inflows.
The latest result interrupted a short recovery in institutional demand. US spot Bitcoin funds had attracted approximately $527 million on Oct. 19, $23 million on Oct. 20 and $528 million on Oct. 21. After Thursday’s withdrawals, the week’s combined net inflows stood at about $443 million.
Simon-Peter Massabni, head of business development at XS.com, told CryptoSlate that the unstable flow pattern suggested investors were becoming more cautious and focusing on shorter-term trading opportunities rather than making longer-term commitments. He said Bitcoin was still finding tentative support above $80,000, but that buying momentum had not been strong enough to create a sustained recovery.
ETF cost basis becomes an important market level
Glassnode estimated in its Oct. 21 market report, using data through Oct. 19, that US spot Bitcoin ETFs acquired their holdings at an average price of approximately $81,500. The figure has become a closely watched reference as Bitcoin’s latest decline brought the market close to the estimated level at which ETF investors bought their coins.
The analytics firm also estimated that corporate Bitcoin treasuries held their assets at an average cost of about $80,200. It found that buy orders around $80,000, which had been substantially reduced during the Oct. 15 selloff, were replenished by Oct. 20. However, the replenished orders were smaller than before.
Corporate treasury demand has also weakened. Glassnode said monthly purchases have remained below one-tenth of their November 2024 peak since June, reducing another potential source of buying during market declines.
If Bitcoin closes below $80,000, Glassnode identified the True Market Mean near $77,600 as the next major downside reference. On the upside, acquisition costs and concentrated selling orders between $85,000 and $87,500 could make a recovery more difficult, according to the report.
Broader economic conditions are adding to the pressure. Rising Middle East tensions have raised concerns about potential energy-supply disruptions, while Brent crude moved above $110 a barrel. Higher energy costs can increase inflation concerns and may encourage central banks to maintain restrictive monetary policy, limiting liquidity available for more speculative assets. The Federal Reserve’s next policy decision is due on Oct. 28.
US equities also weakened on Oct. 22. The Nasdaq Composite fell 2.6%, while the S&P 500 declined 1.21%, partly amid concerns about whether large investments in artificial-intelligence infrastructure will generate sufficient returns.
Ethereum ETF withdrawals deepen
Ethereum-linked US ETFs faced an even longer-running withdrawal trend on Oct. 22, recording approximately $111 million in net outflows.
BlackRock’s ETHA accounted for about $75 million of the withdrawals, while its staking-focused ETHB product lost another $17 million. Grayscale’s two Ethereum funds recorded combined outflows of approximately $20 million. Fidelity’s FETH attracted about $2 million and was the only fund among those reporting activity to post a positive flow.
The latest withdrawals brought Ethereum ETF losses for October to roughly $1.18 billion. That exceeded the approximately $832 million of inflows recorded in September and reduced year-to-date net inflows to about $387 million.
Ethereum ETFs had lost a combined $129 million on Oct. 19 and 20 before attracting $15 million on Oct. 21. The brief improvement did not stop withdrawals from BlackRock’s ETHA. Massabni said a single inflow session was not enough to reverse the preceding losses and that Ethereum would need several consecutive sessions of sustained buying to establish a firmer base around $2,400.
Moneyiar market picture
Moneyiar market data at 08:24 on Oct. 24, 2026, showed Bitcoin at $80,682.90, down 1.25% over 24 hours and 1.13% over seven days. DAI was priced at $0.9996, up 0.07% over 24 hours and down 0.03% over seven days, based on Moneyiar data at 08:23.
NEAR Protocol stood at $4.5513, down 8.07% over 24 hours and 10.69% over seven days. OriginTrail traded at $0.4122, up 8.97% over 24 hours and 3.35% over seven days, according to Moneyiar data at 08:23.
