Bitcoin ETF Inflows Survive a Sharp Two-Day Reversal
U.S. spot Bitcoin ETFs still took in $301.2 million for the week, but $773.5 million left in the final two sessions. Bitcoin near the estimated ETF cost basis raises the stakes.
U.S. spot Bitcoin exchange-traded funds finished the week through October 23 with an estimated $301.2 million of net inflows, but the weekly total hides a sharp reversal. Investors added about $1.07 billion during the first three sessions, then withdrew $773.5 million on Thursday and Friday.
Farside Investors recorded daily net flows of $526.7 million on Monday, $23.2 million on Tuesday and $524.8 million on Wednesday. Those gains were followed by a $635.6 million outflow on Thursday and another $137.9 million on Friday.
BlackRock's IBIT remained the strongest contributor for the full week, with roughly $565.7 million of net inflows despite losing $254.1 million on Thursday and $110.3 million on Friday. The pattern shows that one fund can retain weekly demand even as the broader group turns defensive.
Price is now close to an important reference point. The source analysis placed the estimated average cost basis for ETF-held Bitcoin near $81,300 and the 50-day moving average near $81,700, while Bitcoin traded around $80,000. Cost basis is not a guaranteed support level, but it can influence investor behavior because recent buyers begin to see losses at the same time.
A sustained break below that zone could increase redemptions and expose the $73,000 to $75,000 area identified in the analysis. That is a market scenario, not a forecast. ETF flows can change quickly, and large holders may respond differently to volatility.
The comparison with corporate treasury demand also changed during the year. Companies bought an estimated $14.5 billion of Bitcoin in the first half while ETFs had about $5 billion of net outflows. Since August, the pattern reversed: ETFs added roughly $6.4 billion while corporate treasuries added about $1.5 billion. These figures suggest that the marginal buyer has shifted over time rather than disappeared.
Ethereum funds showed weaker demand during the same week, posting an estimated $220.7 million of net outflows. BlackRock's ETHA accounted for about $233.2 million of outflows, partly offset by smaller inflows elsewhere.
The important signal is not merely whether the weekly Bitcoin number stayed positive. It is whether buyers return after the late-week reversal. If redemptions persist while Bitcoin remains below the estimated ETF cost basis, the funds could amplify selling pressure. A renewed inflow would instead show that institutional demand is willing to absorb the drawdown.