US spot Bitcoin and Ether exchange-traded funds (ETFs) have seen nearly $1 billion in combined net outflows since the start of October. According to data from Farside Investors, Bitcoin ETFs experienced $244.1 million in net outflows on Thursday, following a larger $484.9 million withdrawal on Wednesday, the biggest daily outflow since June 25.
Ether ETFs also posted $72.5 million in net outflows on Thursday, marking their eighth consecutive trading session of withdrawals. Since this streak began on September 29, these funds have lost approximately $641.3 million in net outflows. So far in October, Bitcoin ETFs have seen $407.4 million in outflows, while Ether ETFs have lost $578.9 million.
The total net outflows for both Bitcoin and Ether ETFs this month now stand at $986.3 million. These withdrawals come as Bitcoin's rally weakens, with the cryptocurrency dropping to as low as $80,427 on Thursday. At the time of writing, Bitcoin was trading at $82,506.
Analysts suggest that a rebound in spot trading volume and ETF buying could indicate stronger support for Bitcoin's recent price movements. According to Glassnode, such activity would signal genuine backing for Bitcoin's recent breakout.