Crypto ETFs Lose $650.6 Million on October 7 as BlackRock…
By Karthik Subramanian
AI summary of the source article
U.S. crypto exchange-traded funds saw combined net outflows of $650.6 million on October 7, marking a sharp acceleration from Tuesday's $86.8 million in redemptions. Bitcoin ETFs bore the brunt of the selloff with $484.9 million in withdrawals, led by BlackRock's IBIT shedding $207.7 million. Ethereum ETFs recorded their seventh consecutive session of net outflows, losing $160.9 million, with BlackRock's ETHA accounting for $116.1 million. Solana funds also shed $4.8 million via Bitwise's BSOL. The broad-based institutional selling coincided with Bitcoin trading near $84,000 as rising U.S. Treasury yields and a strengthening dollar weighed on risk-sensitive assets.
Why it matters
The sharp spike in redemptions marks a substantial deterioration in institutional demand across digital-asset ETFs, driven by broad-based selling across major issuers including BlackRock.
Key facts
- Combined U.S. crypto ETF net outflows surged to $650.6 million on October 7 from $86.8 million the previous day.
- BlackRock's IBIT and ETHA led withdrawals, losing $207.7 million and $116.1 million, respectively.
- Ethereum ETFs logged their seventh straight day of net outflows, bringing cumulative losses over the streak to roughly $568.8 million.