U.S. spot Bitcoin ETFs took in about $1.07 billion over three days, then gave back $773.4 million in two. The week that opened with BlackRock’s IBIT posting its largest single-day inflow since October 2025 closed with the funds barely in the green, and bitcoin trading near the level where the average ETF buyer starts losing money.

The reversal still ended a two-week run of net outflows, according to multiple trackers. But the shape of the week, not just its final total, is what matters for reading demand into the next one.

Key Takeaways

  • U.S. spot Bitcoin ETFs posted a provisional net inflow of about $300 million to $301 million for the week ended Oct. 23, ending two straight weeks of net outflows, according to TokenPost and Decrypt.
  • Thursday’s $635.6 million outflow and Friday’s $137.9 million outflow, totaling $773.4 million, erased roughly 72% of the $1.075 billion that entered the funds Monday through Wednesday.
  • BlackRock’s IBIT still finished the week with $565.7 million in net inflows despite shedding $254.1 million Thursday and $110.3 million Friday, according to investinglive.com.
  • Bitcoin dropped toward $79,200 before recovering to about $80,600 on Oct. 25, with Coinbase Institutional flagging $80,000 to $82,000 as a support zone tied to ETF holders’ estimated $81,300 average cost basis.
  • The funds remain about $313.5 million in net outflows for October, and CoinGlass recorded $546.88 million in crypto market liquidations across a subsequent 24-hour span.

A Strong Open, a Thin Close

Spot Bitcoin ETFs took in $526.7 million Monday, $23.2 million Tuesday and $524.8 million Wednesday, according to investinglive.com. IBIT led with $665.2 million on Monday alone, its biggest single-day haul since October 2025.

Then demand flipped. Thursday brought $635.6 million in outflows, the largest daily withdrawal since June, according to Decrypt. Friday added another $137.9 million, per Farside Investors data cited by TokenPost. IBIT alone lost $254.1 million Thursday and $110.3 million Friday. Fidelity’s FBTC shed $217.5 million and $31.8 million over the same two sessions.

Even with the late-week exits, the week’s provisional total landed around $300 million to $301 million net inflow, snapping the two-week outflow streak that ran $678.9 million in the week of Oct. 5-9 and $228.4 million in the week of Oct. 12-16. Outlets flagged the figures as provisional, since final totals depend on the completeness of each provider’s daily reporting.

Price Tests the Level Where ETF Buyers Break Even

Bitcoin fell about 3.45% over the two outflow days, according to investinglive.com, and briefly traded near $79,200 before recovering to roughly $80,600 by Oct. 25. Decrypt put the Saturday print at $80,490, down 1.1% over 24 hours and 1.2% on the week.

Coinbase Institutional has marked $80,000 to $82,000 as a key support zone, built on an estimated $81,300 average cost basis for ETF holders and a 50-day moving average near $81,700. A sustained break below that range, Coinbase warned, could expose bitcoin to further losses toward $73,000 to $75,000.

Liquidations data from the same stretch showed the stress in leveraged positioning. CoinGlass recorded $546.88 million in liquidations across crypto markets over a 24-hour period, affecting 116,300 traders, with the largest single liquidation an $11.85 million ETH-USDT position on Binance.

Not every signal points the same direction. CryptoQuant analyst CW8900 reported that the one-year change in whale holdings improved from roughly -282,000 BTC to -39,000 BTC, a 243,000 BTC swing, though the figure remains negative. Separately, 32,380 BTC moved onto exchanges, a transfer that can precede selling but doesn’t confirm it.

A Shift in Who’s Buying

The ETF swing lands against a broader change in demand sources. Coinbase Institutional noted that corporate treasury companies bought about $14.5 billion of bitcoin in the first half of 2026 while U.S. spot ETFs recorded nearly $5 billion in net selling. Since August, that pattern has flipped: ETFs have attracted about $6.4 billion versus $1.5 billion for corporate treasuries.

That matters because Strategy, the largest corporate buyer, has cut its weekly purchases to a few hundred coins in recent weeks, per investinglive.com. With treasuries buying less, ETF flow swings carry more weight on price than earlier in the year.

Other ETF products showed similar strain. Ethereum ETFs took in $4.4 million Friday but lost about $221 million on the week, leaving them down roughly $1.18 billion for October, according to Decrypt. Solana ETFs saw no net flows Friday after losing $8.9 million Thursday, down about $68 million for the month.

What to Watch

Bitcoin ETFs remain about $313.5 million in net outflows for October despite the positive week, per TokenPost. Whether that monthly figure improves depends on whether flows stabilize above the $80,000 to $82,000 zone Coinbase flagged, or whether another leg down tests ETF holders’ cost basis directly.

Sentiment has already shifted on prediction markets. Decrypt reported that Myriad traders raised the odds of bitcoin dropping to $77,500 before month-end to 43%, up from 32% a day earlier, while the odds of topping $87,500 fell to 10% from 17%.

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