US spot Bitcoin exchange-traded funds recorded net outflows of $635.6 million on October 22, reversing the previous session’s positive flow, according to Farside Investors’ daily table. The reversal shows how quickly demand through the listed funds can change, even within a week that began with substantial buying.
TL;DR: Thursday’s withdrawals were concentrated in the largest funds. Friday’s provisional figures were also negative, although an unreported fund means that total remains incomplete.
Two Large Funds Account For Most Withdrawals
BlackRock’s IBIT recorded $254.1 million of outflows on October 22 and Fidelity’s FBTC lost $217.5 million. ARK 21Shares’ ARKB registered another $109.4 million. Morgan Stanley’s MSBT was a small exception, attracting $2.3 million.
The October 23 row showed provisional net withdrawals of $137.9 million when checked on October 24. VanEck’s HODL entry was still a dash. That is missing data, not a confirmed zero, so the Friday figure should not be presented as final.
Earlier in the week, the table recorded inflows of $526.7 million on Monday, $23.2 million on Tuesday and $524.8 million on Wednesday. The reported rows therefore show a sharp late-week reversal without establishing that the entire week finished negative.
Fund Flows Are Different From Trading Volume
A large outflow is evidence of money leaving the fund structure. It does not identify every investor involved, their motivation or the exact moment that any associated Bitcoin transaction occurred. It also cannot, on its own, establish why Bitcoin’s market price moved.
The distinction follows from how listed funds operate. The SEC’s investor guide to ETFs explains that ordinary investors trade shares with one another on exchanges, while authorised participants create or redeem large blocks directly with the fund. Heavy share turnover can therefore occur without an equivalent net flow into or out of the product.
Redemptions also need not always involve a fund selling Bitcoin for cash. In July 2025, the SEC permitted in-kind creations and redemptions for crypto ETPs, allowing authorised participants to transfer the underlying assets through eligible arrangements. That earlier rule change matters when interpreting today’s dollar-denominated flow estimates.
The figures are useful as one measure of demand through a particular access channel. They are weaker evidence for claims about the intentions of all institutions or the direction of the next Bitcoin session. Those conclusions would require additional information about positioning and transactions outside the funds.
For this week, the immediate data question is narrower: whether the missing Friday entry changes the provisional total, and how much of the early inflow survives once all funds have reported.
Written by the News Desk and edited by Samuel Rae.
