US Spot Bitcoin ETFs Shed $635 Million in Single Day as Bitcoin Drops Below $82,000

US spot Bitcoin ETFs recorded $635.49 million in net outflows on October 22, snapping three consecutive sessions of positive flows and signaling a sharp reversal in institutional demand. Five of the 12 spot Bitcoin ETFs posted outflows on the day, with BlackRock's IBIT leading withdrawals. IBIT and Fidelity's FBTC together accounted for $471.6 million, roughly 74% of the daily total. MicroStrategy's MSBT was the only Bitcoin ETF to attract net inflows.

US spot Ethereum ETFs also swung back to outflows on the same day, shedding $110.50 million. BlackRock's ETHA led the Ethereum withdrawals, while Fidelity's FETH was the sole fund to record positive flows.

Bitcoin fell below $82,000 during Asian trading on Friday, sliding 1.3% to $81,623, extending losses after a sharp sell-off in US equities on Thursday. Broader market pressure has intensified as escalating Middle East tensions push oil prices higher and revive inflation concerns, while investors are also reassessing the potential impact of US midterm elections, less than two weeks away, on interest rates and financial conditions.