Bitcoin ETF Holders Take Profits at Breakeven, $729 Million Pulled Out
US spot Bitcoin ETFs saw $729 million in outflows over two days, while BTC moved around the average entry price of $81,722. Ethereum ETFs are also still under pressure.
Key Takeaways
- US spot Bitcoin ETF investors pulled out $729 million over two trading days as Bitcoin traded around the average entry price for these funds.
- Bloomberg Intelligence estimates the average purchase price for a US spot Bitcoin ETF at $81,722 per Bitcoin; BTC was around $81,607.
- Fidelity's FBTC saw the biggest outflows, while BlackRock's IBIT attracted a net $332.5 million in October.
US spot Bitcoin ETF investors pulled $729 million (€652 million) out this week over two trading days, right as Bitcoin moved back around the average entry price for those funds. That suggests many holders see breakeven as a logical time to exit.
Breakeven Became a Sell Signal
Bloomberg Intelligence ETF analyst James Seyffart estimates that the average buyer of a US spot Bitcoin ETF paid about $81,722 (€73,100) per Bitcoin. When BTC moved above that level in late September, he had already pointed to that shift in investor behavior.
That cushion has now mostly disappeared. Bitcoin is around $81,607 (€73,000) and fell 2.2% in 24 hours, according to market data from BeInCrypto. That puts the average ETF position just back underwater.
Investors did not wait around. On October 7, US spot Bitcoin ETFs lost $484.9 million (€433 million), after an inflow of $118.8 million (€106 million) the day before. On October 8, another $244.1 million (€218 million) flowed out. Together, those two sessions erased the early-October gains and left the monthly balance at minus $407.4 million (€364 million).
Fidelity Sees the Biggest Outflows
The total outflow hides a sharp difference between the funds. Fidelity's Wise Origin Bitcoin Fund, FBTC, lost more in October than the entire market combined. The fund posted outflows on five of the six trading days in October.
BlackRock's iShares Bitcoin Trust, IBIT, was still a net buyer in October and pulled in $332.5 million (€297 million). Without BlackRock, the other Bitcoin ETFs together lost $739.9 million (€661 million). Even so, IBIT was not spared from the sell-off when BTC moved into the breakeven zone; on October 7, $207.7 million (€186 million) left the fund, the biggest outflow of the month.
That contrast suggests this was not one uniform rush out of Bitcoin, but differences between the underlying investor groups in each fund. For European crypto followers, that matters because it shows how quickly spot ETF demand can shift once a widely watched entry price comes back into view.
Ethereum ETFs also faced continued outflows during the same period, showing that the caution was not limited to Bitcoin funds.
More Pressure on Spot ETFs
The move was not limited to Bitcoin. US spot Ethereum ETFs have now logged eight straight days of outflows and have lost $641.3 million (€573 million) since September 29. Spot ETFs were still a major buyer in September, with more than $2.3 billion (€2.1 billion) in inflows between September 21 and 30. Now that demand seems more tied to a specific price level than to broad market conviction.
