US spot Bitcoin and Ethereum exchange-traded funds (ETFs) continued to lose investor capital on Oct. 8.
Bitcoin ETFs recorded $244.1 million in net outflows during the latest trading session, while Ethereum ETFs shed another $72.5 million, according to Farside Investors ETF flow data. Combined, the two categories lost $316.6 million in a single day.
The latest withdrawals suggest institutional investors are very cautious, but it also raises questions about whether the historically bullish "Uptober" narrative will materialize this year.
Bitcoin ETFs Lose More Than $1 Billion in October
Bitcoin ETFs have recorded more than $820 billion in net outflows in the first six trading sessions of October, with withdrawals accelerating during the second week.
Bitcoin ETF flows
The largest single-day withdrawal occurred on Oct. 7, when investors pulled $484.9 million from the funds. That was followed by another $244.1 million in outflows on Oct. 8.
BlackRock's iShares Bitcoin Trust (IBIT) recorded $5.5 million in withdrawals during the latest session, while Fidelity's FBTC lost $197.1 million. Bitwise's BITB and Ark Invest's ARKB registered outflows of $17.7 million and $20.3 million, respectively.
Franklin Templeton's EZBC was among the few funds to attract capital, recording $4.7 million in inflows.
Ethereum ETFs Face Even Steeper Selling Pressure
Ethereum ETFs experienced an equally challenging October, and recorded more than 5600 million in net withdrawals through Oct. 8.
Ethereum ETF flows
The largest daily outflow came on Oct. 6, when Ethereum funds lost $201.9 million, followed by $160.9 million on Oct. 7.
On Oct. 8, BlackRock's ETHA recorded $71.1 million in withdrawals, while Fidelity's FETH attracted $5.5 million. Grayscale's ETHE also lost $6.1 million.
Bitcoin and Ethereum Prices Slide
The ETF withdrawals coincided with a cryptocurrency market selloff. Bitcoin fell approximately 0.44% over the past 24 hours, and was trading at $82,660 at press time on Oct. 8.
Ethereum also faced selling pressure, and was trading around $2,500 as investors reduced exposure to riskier assets.
The downturn intensified as leveraged traders faced approximately $1.19 billion in cryptocurrency liquidations over 24 hours, including $356 million in Ethereum positions and $298 million in Bitcoin positions.