US Bitcoin ETFs record $635 million outflow, largest since June

U.S. spot Bitcoin ETFs suffered $635.6 million in net outflows on October 22, 2026, marking the largest single-day withdrawal since June and flipping October's monthly flows back into a $175 million net deficit. BlackRock's IBIT and Fidelity's FBTC led the selling with $254 million and $217 million in withdrawals, respectively. The heavy liquidations coincided with Bitcoin dropping near its $81,500 ETF cost basis, driven by market anxiety over crude oil topping $110 following Houthi attacks in Saudi Arabia.

U.S. spot Bitcoin ETF outflows on October 22

• ▪The $635.6 million outflow from U.S. spot Bitcoin ETFs on October 22, 2026 reversed October's cumulative U.S. spot Bitcoin ETF flows back into a net loss of approximately $174.5 million to $176 million
• ▪Despite the $635.6 million outflow on October 22, 2026, U.S. spot Bitcoin ETFs maintained positive net weekly inflows of approximately $443 million
• ▪U.S. spot Bitcoin ETFs recorded approximately $635.6 million in net outflows on October 22, 2026, marking the largest single-day withdrawal since June 25, 2026
• ▪The October 22, 2026 U.S. spot Bitcoin ETF net outflows erased roughly 60% of the $1.07 billion in net inflows accumulated over the prior three trading sessions

Breakdown of Bitcoin ETF flows by issuer

• ▪ARK 21Shares Bitcoin ETF (ARKB) lost $109.4 million on October 22, 2026, while Bitwise's BITB and Grayscale's GBTC lost $27 million and $30 million respectively
• ▪Fidelity's Wise Origin Bitcoin Fund (FBTC) recorded $217.5 million in net outflows on October 22, 2026
• ▪BlackRock's iShares Bitcoin Trust (IBIT) led the October 22, 2026 outflows with $254.1 million in net withdrawals
• ▪Morgan Stanley's MSBT was the only U.S. spot Bitcoin ETF to post net inflows on October 22, 2026, adding about $2.3 million

Bitcoin price thresholds and ETF flows

• ▪DWF Labs research indicates spot Bitcoin ETF outflows accelerate when Bitcoin closes 7% or more below its 20-day high, with average daily flows shifting from $74 million in inflows to $72 million in outflows
• ▪On October 22, 2026, Bitcoin closed at $81,416.09 on Binance, placing it 5.9% below its October 4 peak of $86,530 and just above the 7% threshold level of $80,470 identified by DWF Labs

Bitcoin acquisition cost estimates

• ▪Glassnode estimated that U.S. spot Bitcoin ETFs acquired their holdings at an average cost basis of approximately $81,500 per Bitcoin
• ▪Glassnode estimated that corporate Bitcoin treasuries hold their tokens at an average cost basis of approximately $80,200 per Bitcoin

U.S. spot Ethereum ETF outflows

• ▪U.S. spot Ethereum ETFs recorded approximately $1.18 billion in total net outflows in October 2026, surpassing September's $832 million in net inflows
• ▪U.S. spot Ethereum ETFs recorded $110.6 million in net outflows on October 22, 2026, driven by $75 million in withdrawals from BlackRock's ETHA

Crypto market liquidations

• ▪CoinGlass data showed that at least $440 million in leveraged crypto positions were liquidated over a 24-hour period around October 22, 2026, including $397 million in long bets
• ▪More than $19 billion in trading positions were closed in October 2025 during the largest liquidation event in cryptocurrency history

U.S. stock index declines

• ▪The S&P 500 index fell 1.2% on October 22, 2026, marking its worst daily performance since July 2026
• ▪The tech-heavy Nasdaq Composite dropped 2.6% on October 22, 2026 amid concerns over AI infrastructure spending returns and weak corporate earnings

Energy price spikes and monetary policy risks

• ▪Brent crude oil rose above $110 per barrel after Yemen's Houthi militia attacked Saudi Arabia on October 22, 2026, heightening energy supply disruption risks
• ▪XS.com head of business development Simon-Peter Massabni warned that elevated energy prices could force central banks to keep monetary policy restrictive, reducing liquidity for speculative assets like Bitcoin