US spot Bitcoin ETFs recorded net outflows of US$635.5 million on Thursday, the largest single-day outflow since June 25, about four months earlier. The sale turned the monthly flow negative after ETFs had been positive through October. Bitcoin’s price has been trading near US$81,500 after briefly reaching US$84,800 mid-week.
BlackRock accounted for US$254.1 million of the outflows, while Fidelity recorded US$217.5 million. Ark Invest and 21 Shares together saw US$109.4 million leave their funds. Grayscale lost US$29.5 million and Bitwise US$27.4 million. Morgan Stanley was the only issuer with an inflow, of US$2.3 million.
Cause remains unclear
The article does not establish why investors pulled money from the funds. Cumulative net outflows for the month now stand at US$174.5 million.
Bitcoin was down 0.1 percent over the last 24 hours and over the last seven days. Bitcoin is on track to close October in the red for the second consecutive year.
Bull case and seasonal history
Tom Lee, president of Bitmine, said he believes cryptocurrencies are at the start of a bull market. He argued that this is how an uptrend behaves at its beginning, despite some doubt within the community.
Bitcoin has averaged a gain of 26.1 percent in October over 11 positive Octobers in the last 16 years.
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