Bitcoin ETFs turn red after two-week run
U.S. spot Bitcoin ETFs flipped back to outflows in the week of Oct 13–17, ending a two‑week green run. Net flows totaled roughly −$1.23B while weekly trading stayed elevated around $34.4B.
The bigger tell was assets under management (AUM): they fell from about $159.0B a week earlier to roughly $143.9B, a decline far larger than the cash out. Price did the damage – BTC’s slide turned mark‑to‑market into a headwind that overwhelmed recent inflows.
Bitcoin ETFs turn red again: about $1.23B flowed out during Oct 13–17 as price pressure dragged AUM to ~$143.9B with BTC near $106.5K. Source: SoSoValue.
The day‑by‑day path shows how the risk‑off took hold. Monday opened red (≈−$327M). Tuesday was the only respite, printing a modest +~$103M. From there, the tape deteriorated: Wednesday −~$104M, Thursday −~$536M (week’s low), and Friday −~$367M. Turnover stayed firm throughout, close to last week’s peak levels. That mix – high activity with increasingly negative prints – looks like broad rebalancing on volatility, not a disappearance of liquidity.
Breadth narrowed sharply versus the prior week. In BTC terms (CoinGlass), IBIT (iShares Bitcoin Trust, BlackRock) finished ~−2.58K BTC for the week, FBTC (Fidelity Wise Origin Bitcoin Fund) ~−1.48K BTC, GBTC (Grayscale Bitcoin Trust) ~−2.64K BTC, ARKB (ARK 21Shares Bitcoin ETF) ~−2.61K BTC, and BITB (Bitwise Bitcoin ETF) ~−1.13K BTC. Smaller products contributed only marginally. The week’s only broad positive day – Tuesday – was carried mostly by FBTC (about +1.15K BTC). The heaviest single‑day prints skewed negative: ARKB roughly −2.49K BTC on Thursday and IBIT about −2.48K BTC on Friday. In short, there was no single savior; most leaders were redeeming together.
Zooming out, the last five weeks still net to a small positive (≈ +$4.7B): +0.89B → −0.90B → +3.24B → +2.71B → −1.23B. But the run is choppy. The two strong green weeks at the start of Q4 have now been followed by broad outflows on steady volumes–a signal that positioning is being cut back rather than that investors are exiting the ETF channel.
Base case for next week: modest net inflows or a flat print if BTC stabilizes; breadth likely remains narrow, with IBIT doing most of the lifting while FBTC/ARKB/BITB contribute sporadically. Bear case: if price pressure persists, expect another mixed‑to‑red week, with AUM edging lower despite active trading. Unlikely this week: a broad, high‑volume melt‑up with sustained inflows across all majors. Rallies stay fragile until breadth improves – one red day in a leader can still flip the aggregate negative.
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