After taking in over $1B in the first three days, U.S. spot Bitcoin ETFs saw $635.6M in net outflows on October 22, according to Farside—giving back nearly half of the enthusiasm from the previous few days.
The breakdown looks even more striking: BlackRock’s IBIT saw −$254.1M, and Fidelity’s FBTC −$217.5M. Combined, that’s about $472M, accounting for over 70% of the day’s outflows. ARKB saw −$109.4M, BITB −$27.4M, and GBTC −$29.5M. Morgan Stanley’s MSBT was almost the only fund with a small net inflow, at +$2.3M.
Add the previous day’s (October 21) +$524.8M: IBIT had just taken in $235M the day before, then gave back $254M the next day—returning a day’s gains plus interest all at once. The three-day total was about +$1.075B (Oct. 19: +$526.7M / Oct. 20: +$23.2M / Oct. 21: +$524.8M). After four days, net inflows still totaled about $439M, with cumulative net inflows remaining around $57B.
The numbers are stark, but don’t rush to draw conclusions about the direction. A one-day redemption doesn’t mean the narrative has flipped, nor does it mean $BTC is about to crash—it only shows that this channel is just as sensitive to price as it is to sentiment. Not investment advice.