U.S.-listed spot bitcoin ETFs recorded $681 million in net outflows last week, their largest weekly redemption since June, according to SoSoValue data. Most of the selling was concentrated on Wednesday and Thursday, Oct. 7–8.
Ether products are under similar pressure. Spot ETH ETFs have not logged a single day of inflows since Sept. 28, a nine-session outflow streak that is the longest since June, per CoinDesk.
The redemptions are weighing on BTC as it struggles to hold early-week gains. The asset climbed to roughly $84,250 during Asian hours on Monday before sliding back toward $83,400 by 10:30 UTC. Oil’s rebound to above $92 a barrel undercut risk appetite after crude briefly fell on news of a partial easing of U.S. sanctions on Russian diesel supply.
Market participants framed the flows as a sign of institutional caution. Vikram Subburaj, CEO of India-based Giottus Exchange, told CoinDesk that the heavy redemptions earlier in the week reflected a wary mood among institutions. Purvang Mashru, lead analyst at BitDelta, pointed to a demanding macro backdrop, noting that U.S. Treasury yields reached 24-year highs in the week ending Oct. 9.
Derivatives data show the same hesitation. Bitcoin’s implied volatility index, BVIV, is stuck around 40% after rebounding from year-to-date lows near 34%, suggesting options traders are not pricing in a large move. On Deribit, puts struck between $55,000 and $80,000 dominated 24-hour volume, an indication that traders are paying for downside protection rather than chasing upside. Open interest in bitcoin and ether futures has barely moved and remains well below early-2026 peaks.
Corporate treasuries are partly offsetting the ETF selling. Strategy disclosed the purchase of 250 BTC for about $21.5 million at an average price near $86,194 between Oct. 5 and Oct. 11. That is small next to last week’s fund redemptions, but it shows that some long-term buyers are still adding at higher levels.
Analysts flagged $82,000 as the support level that bulls need to defend. The next macro catalyst is Wednesday’s U.S. consumer price index print. A hotter-than-expected reading would add to pressure on yields and could extend the outflow streak, while a softer number may give ETF demand room to stabilize.
