U.S. spot bitcoin ETFs recorded $487.1 million in net outflows on Wednesday, the largest single-day withdrawal since June 25, according to SoSoValue. Spot ether ETFs shed a further $160.9 million on the day.
The withdrawal stands out against recent flow data. CoinDesk’s analysis shows it landed about 2.1 standard deviations below the 90-day average, which has been roughly $92 million in daily inflows. Flows have turned choppy: after about $2.65 billion of net inflows in September, October is now $165.6 million in the red, with the past six sessions alternating between small inflows and outflows.
The year-to-date cushion is thin. The funds have taken in a net $717 million in 2026, after cumulative flows for the year bottomed at a $5.76 billion outflow in July. Total net inflows since the January 2024 launch stand at $57.33 billion.
The exit came a day after analysts argued that strong ETF inflows were needed to push BTC decisively above $87,000, a level that has capped recent gains. Bitcoin opened Thursday at about $83,276, down 2.7% from Wednesday, and slipped to roughly $82,347 by early morning trading. Ether fell harder, opening down 4.6% near $2,573. The macro backdrop added to the pressure: oil jumped on a report that the White House had asked the Pentagon for strike options against Iran, pushing Treasury yields back toward their highest since 2002.
FxPro chief market analyst Alex Kuptsikevich identified the $80,500–$81,500 band as the next test, a zone that combines last month’s local highs with the 50-day moving average. He said a bounce there could trigger a rapid retest of the highs, while forced selling by leveraged buyers could send the price down to $76,000 or $72,000, the 200-day moving average.
With spot ETF demand, a key source of buying during the August–September rally, now fading, the next few sessions of flow data will show whether Wednesday was a one-off or the start of a sustained rotation out. A sustained break below $80,000 would mark the first serious breach of the trend in place since late summer.
