US spot Bitcoin exchange-traded funds (ETFs) recorded $484.9 million in net outflows on Wednesday after two consecutive trading sessions of inflows.
According to Farside Investors, BlackRock's iShares Bitcoin Trust (IBIT) led the withdrawals after losing $207.7 million in a single session. Fidelity's Wise Origin Bitcoin Fund (FBTC) followed with $105.1 million in outflows, while ARK 21Shares' ARKB recorded $101.7 million in redemptions.
Bitwise's BITB also suffered $27.8 million in withdrawals, while Grayscale's GBTC lost $39.3 million and VanEck's HODL recorded $3.3 million in outflows.
Bitcoin ETF flows (Source: Farside Investors)
The selling pressure sheds some light on the facts that there has been a big shift in investor sentiment, as none of the 12 Bitcoin ETFs recoded positive flows during the session.
Bitcoin ETF Outflows Reverse Earlier Gains
Wednesday's withdrawals followed a relatively positive start to the week for Bitcoin investment products.
On Monday, Oct. 5, the funds shed about $89.9 million, but this was followed by $118.8 million in inflows on Tuesday. However, Wednesday's $484.9 million outflow more than erased those gains.
While ETF flows do not necessarily translate directly into immediate spot-market selling, sustained withdrawals can weaken demand for Bitcoin and weigh on market sentiment.
Bitcoin Price Slides Toward $82,000 as ETF Selling Intensifies
Bitcoin's price also came under pressure over the past 24 hours, and fell approximately 1.8%. BTC declined from around $85,550 to $83,300 during Wednesday's trading session, before slipping toward $82,700 in early Thursday trading.
The decline coincided with rising US Treasury yields, a strengthening dollar and new concerns about the Federal Reserve's interest rate outlook.
Minutes from the Fed's September meeting indicated that policymakers were concerned about inflation, with most officials anticipating another potential interest rate increase before the end of 2026.
Bitcoin's immediate support area now sits around $82,000 to $83,000. A sustained break below that range could expose the cryptocurrency to even more selling pressure, while a recovery toward $86,500 to $87,000 would suggest buyers are regaining control.
