Bitcoin (BTC) ETFs Shed $773.5 Million Across Two Straight Sessions

Two Straight Days of Bitcoin ETF Outflows

U.S. spot Bitcoin (BTC) ETFs flipped from heavy buying to selling in a single session, and the withdrawals carried into a second day. Farside's issuer-by-issuer fund table shows the ETF complex taking in $524.8 million on Wednesday, October 21, then shedding $635.6 million on Thursday, October 22 and another $137.9 million on Friday, October 23. The two withdrawal days removed a combined $773.5 million, about 72% of the $1,074.7 million the funds had accumulated over the preceding three sessions: $526.7 million on Monday, October 19, $23.2 million on Tuesday, October 20 and the $524.8 million Wednesday print. Even after the reversal, the five-session tally from October 19 to 23 stays positive at $301.2 million, though one issuer's October 23 row still displayed a dash when the table was reviewed and can be revised.

The October 22 turn concentrated in the two largest products. BlackRock's IBIT posted a $254.1 million outflow and Fidelity's FBTC lost $217.5 million, and their combined $471.6 million accounted for roughly 74% of the day's net withdrawal. Ark Invest and 21Shares' ARKB shed $109.4 million, Grayscale's GBTC $29.5 million and Bitwise's BITB $27.4 million, while Morgan Stanley's MSBT moved the other way and added $2.3 million. On October 23, IBIT lost a further $110.3 million and FBTC $31.8 million, with MSBT gaining $4.2 million, a split that rules out any single uniform trade across all funds. The Bitcoin (BTC) market absorbed the news with the Bitcoin (BTC) price trading between about $80,000 and $82,000 as the withdrawals arrived; it now sits at $80,240, essentially flat since the fund data landed at 09:25 UTC, after a run earlier in the week in which the asset failed to hold a move toward $85,000.

Where the Sold Shares Actually Go

A daily flow number records money leaving an investment product, not coins changing owners underneath it. An investor who sells ETF shares through a broker hands them to another exchange buyer, and the trust's Bitcoin balance does not move in that trade. Only an authorized participant, the firm that deals directly with the trust, can return a basket of shares for redemption, and BlackRock's IBIT prospectus filed with the SEC states that the sponsor may settle in partial cash, all cash or, at its discretion, Bitcoin (BTC) in kind. The regulator approved in-kind creations and redemptions for spot crypto products in July 2025, ending the cash-only structure in place since the January 2024 launches; Commissioner Mark Uyeda had argued the earlier format could force issuers to sell coins to raise redemption cash. The mechanics are laid out in our guide to How Spot Bitcoin ETFs Work.

Each settlement route reaches the market differently. An all-cash redemption can require the trust to instruct an execution agent to sell coins; an in-kind redemption hands the Bitcoin to the authorized participant, who then decides whether to HODL, hedge or resell. No public table says which method any October 22 basket used. On-chain research places the estimated cost basis of spot ETF and strategic Bitcoin reserve holders near $80,000 to $81,500 after the October 15 dip, with potential liquidation clusters between $85,000 and $87,500, the zone examined in our report on Bitcoin's $80,000 cost basis. Derivatives data shows more than $400 million in crypto liquidations on October 23, dominated by leveraged longs, a session our coverage of 24-hour crypto liquidations also traced. A single whale, an arbitrage desk or an institutional order can all sit behind the same $635.6 million print, and none of those identities is published. Peter Schiff, the longtime Bitcoin critic, used the weekend to warn of a possible slide to $75,000.

Funding Holds at 0.0052%

Bitcoin trades at $80,240 at the time of writing, down 0.4% over 24 hours, and COINOTAG's composite levels frame the range the flows landed in. Nearest support sits at $80,126, scored 85 out of 100, with a stronger floor at $78,529 scored 98; the strongest resistance stacks at $82,417, scored 96. The trend reads sideways with the RSI at 42, and positioning looks orderly: the perpetual funding rate holds at 0.0052% and open interest stands near $15.9 billion, as tracked on our Bitcoin technical analysis page. Whatever the eventual buyer of the redeemed coins did, the five-session count still nets positive at $301.2 million, and the next completed fund rows will show whether the two-day withdrawal run stretched into a third.