Key points:
- Spot Bitcoin ETFs ended the week up about $301 million, ending a two-week losing streak.
- Friday saw $137.9 million leave the funds, the second straight day of outflows, after $1.07 billion came in from Monday to Wednesday.
- Bitcoin slipped to about $80,490, and October remains about $314 million in the red for the funds.
The week started strongly. From Monday to Wednesday, about $1.07 billion flowed into the funds, briefly pulling October back into positive territory. Thursday brought a $635.6 million exit, the biggest single-day outflow of October, and Friday added another $137.9 million in outflows.
The two-day slide totaled about $773.5 million, but it was not enough to erase the early-week gains. The funds still closed the week about $301 million higher, their first weekly gain after two losing weeks. Total money in the funds since launch now stands at about $57.6 billion, with $100.2 billion in total assets.
Read also: Bitcoin ETFs Bleed $635 Million in Biggest Outflow Since June — Streak Over?
What happens next?
Prices slid into the weekend along with the flows. Bitcoin fell 1.1% over 24 hours to about $80,490 and is down 1.2% on the week, while Ethereum dropped to roughly $2,344 and Solana to about $101. The weakness followed a midweek selloff in global markets, when oil climbed above $111 a barrel and AI stocks slid.
Prediction-market traders have turned more cautious. On Myriad, traders now give Bitcoin a 43% chance of dropping to $77,500 before October ends, up from 32% a day earlier, while the odds of Bitcoin topping $87,500 have fallen to 10% from 17%. Ethereum ETFs lost about $221 million on the week and are down roughly $1.18 billion for October, a reminder that the wider fund market is still under pressure.
Read also: BREAKING: Bitcoin Crashes Below $80,000 on Middle East Evacuation Fears — Can $80K Hold?
— Crypto News Daily News Desk
This post is news only, not financial advice. Always do your own research before buying or selling crypto.
Sources: Decrypt, CoinGecko.