Bitcoin and Ethereum ETFs Shed $1.2 Billion as October’s Early Optimism Fades

Crypto ETF outflows exceeded $1.2 billion during the U.S. trading week of October 5–9, interrupting Bitcoin funds’ recent recovery and extending persistent withdrawals from Ethereum products.

Weekly reporting based on SoSoValue data puts net withdrawals at $681.1 million for spot Bitcoin ETFs and $542.07 million for spot Ethereum ETFs. Bitcoin’s result ended a three-week run of positive weekly flows.

The daily pattern tells a more revealing story than the combined headline. Bitcoin funds still attracted money on two sessions, including Friday. Ethereum funds experienced withdrawals every day.

That distinction matters when assessing whether demand is stabilising—or simply pausing between larger redemptions.

Crypto ETF outflows: how the week unfolded

Bitnxt independently checked the five trading sessions against Farside Investors’ published tables.

Its rounded daily figures produce weekly net withdrawals of $678.9 million for Bitcoin and $542.2 million for Ethereum. The Bitcoin total is $2.2 million below the SoSoValue-based weekly figure; the Ethereum difference is approximately $130,000.

Both datasets show roughly $1.22 billion leaving the two categories. Their figures should be presented with their respective data basis rather than combined into one supposedly exact total.

Table: Bitnxt calculations from Farside Investors’ rounded daily totals. Positive values indicate net inflows; negative values indicate net outflows. Figures may be revised.

Bitcoin’s Friday recovery barely changed the balance

Wednesday and Thursday dominated Bitcoin’s weekly result. Together, those two sessions generated $729 million in net withdrawals in Farside’s data.

Friday’s $21.1 million inflow offset approximately 2.9% of that two-day loss. It interrupted the negative sequence, but provided limited evidence of a substantial demand recovery.

The reversal follows a much stronger September period. Bitnxt previously covered the five-day Bitcoin ETF inflow surge that reached $2.39 billion, followed by the September-end reversal in Bitcoin ETF flows.

These episodes illustrate how quickly fund demand can change. Several positive weeks do not establish a permanent buying trend, just as one negative week does not establish a lasting exit.

Ethereum’s withdrawals were more persistent

Ethereum’s weakness extended across the entire week.

Its largest daily withdrawal came on October 6, when Farside recorded $201.9 million in net outflows. That session’s category-wide withdrawal was attributed entirely to BlackRock’s ETHA.

Across all five sessions, ETHA’s rounded daily figures total $477.1 million in withdrawals—approximately 88% of Ethereum ETFs’ net weekly outflow. SoSoValue-based reporting places the fund’s weekly figure at $477.04 million.

The concentration makes ETHA an important product to monitor in subsequent sessions. However, an outflow from a BlackRock-sponsored fund reflects investor redemptions through that product. It does not establish that BlackRock has changed its corporate view of Ethereum.

BlackRock describes ETHA as a vehicle designed to reflect Ether’s price performance through traditional brokerage accounts. Its official page reported approximately $8.69 billion in net assets as of October 9. The product therefore remained substantial despite the week’s withdrawals.

What the $1.2 billion figure actually measures

Net ETF flows describe money entering or leaving fund products through share creations and redemptions.

They differ from trading volume. Investors can exchange existing ETF shares with one another without creating an equivalent net inflow into the fund.

They also differ from changes in assets under management. A fund’s asset value can decline because its underlying cryptocurrency falls in price, even without redemptions.

The reported $1.22 billion therefore represents net fund withdrawals, rather than an equivalent investor trading loss or the total amount erased from crypto market capitalisation.

Flow figures alone also cannot identify the motivation behind every redemption. Profit-taking, portfolio rebalancing, hedging changes and reduced exposure can produce similar results in the daily tables.

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Bitnxt’s view: the next test is sustained demand

Bitnxt’s assessment: Last week weakened the argument that October’s early buying would continue smoothly. Ethereum’s five consecutive negative sessions deserve particular attention, while Bitcoin’s small Friday inflow offers only tentative evidence of stabilisation.

A stronger recovery would involve repeated inflows across several sessions and broader participation among issuers. Another isolated positive day would carry less weight if large withdrawals resumed immediately afterward.

The price response matters too. Investors should examine whether renewed fund demand accompanies gains that survive subsequent pullbacks. Bitnxt’s Uptober analysis and five signals to watch places ETF activity alongside spot participation, leverage and wider market conditions.

For now, the distinction is clear: Bitcoin finished the week with a small return to inflows; Ethereum finished with another withdrawal. The next sessions will show whether that gap develops into a recovery or remains a brief interruption in selling.