Bitcoin ETFs suffer biggest exodus since June as Ethereum withdrawals hit nine-month high

US spot Bitcoin and Ethereum exchange-traded funds saw their steepest withdrawals in months as the cryptocurrency market continued to decline.

Data from SoSoValue shows that the 12 listed US Bitcoin ETFs lost $484.9 million on Oct. 7, their largest single-day outflow since June 25. BlackRock's iShares Bitcoin Trust (IBIT) led the withdrawals with $207.7 million, followed by Fidelity's FBTC at $105.1 million and ARK 21Shares' ARKB at $101.7 million.

Meanwhile, Ethereum ETFs recorded $160.9 million in withdrawals, bringing their five-session losses to $506.3 million, the largest since January.

BlackRock's ETHA accounted for $116.1 million of Wednesday's redemptions, while Grayscale's ETHE lost $25.8 million. The funds have now experienced seven consecutive trading sessions of outflows, totaling approximately $569 million.

Together, the two ETF categories lost about $646 million on Wednesday as Bitcoin fell to its lowest daily close in the last 20 days, below $83,000, while Ethereum retreated toward $2,500 during the reporting period.

Notably, the price action coincided with rising US Treasury yields, a stronger dollar, and elevated oil prices, adding to pressure on risk assets.

The latest withdrawals followed signs of weakening institutional demand that Bitfinex analysts had identified before Wednesday's selloff.

In an Oct. 7 report, the analysts noted that Bitcoin ETF flows had become increasingly uneven, with investment slowing sharply after the buying spree that supported September's recovery.

Daily inflows averaged $341.7 million during Bitcoin's mid-September rally from $76,000 to $87,000. However, that figure fell to about $35 million per day over the five trading sessions through Oct. 6, totaling $172.9 million in cumulative net inflows.