US spot Bitcoin and Ether exchange-traded funds (ETFs) have recorded nearly $1 billion in combined net outflows so far in October.
According to Farside Investors, Bitcoin ETFs recorded $244.1 million in net outflows on Thursday, following $484.9 million in withdrawals on Wednesday, the largest daily outflow since June 25.
Ether ETFs posted $72.5 million in net outflows on Thursday, extending their losing streak to eight consecutive trading sessions. The funds have shed about $641.3 million in net outflows over the streak, which began Sept. 29.
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October net outflows now total $407.4 million for Bitcoin ETFs and $578.9 million for Ether ETFs. Combined, the funds recorded $986.3 million in net outflows this month.
The withdrawals coincide with a weakening Bitcoin rally. The cryptocurrency fell to as low as $80,427 on Thursday, according to CoinGecko. It traded at $82,506 at the time of writing.
A pickup in spot trading volume and ETF buying would show that Bitcoin’s recent breakout had real support, according to Glassnode.
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