U.S. spot bitcoin ETFs saw $228.6 million in net outflows this week, following $681.1 million in outflows the prior week, for a two-week total of about $910 million. According to Decrypt, three of the five trading days this week saw net outflows, with Wednesday's $261.4 million in redemptions the largest single day of the week and Friday seeing another $82.4 million in single-day outflows. Month-to-date in October, cumulative net outflows are about $615 million, but cumulative net inflows since launch in January 2024 remain at $57.3 billion.
This week's selling coincided with higher-than-expected inflation data: September CPI rose 3.7% year-over-year, above the 3.6% expectation, and PPI was also above expectations, prompting the market to renew bets on Federal Reserve rate hikes. Bitcoin briefly fell below $80,000 on Thursday, and nearly $950 million in leveraged positions were liquidated within 24 hours, about 90% of them longs, according to CoinGlass data; a Nexo analyst said the coin price has fallen below the average cost basis of about $82,300 for ETF holders.