Bitcoin ETFs Suffer Worst Loss Since June as Uptober Turns Red — SkimNews
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- Bitcoin ETFs lost $484.9 million on October 7, the largest single-day outflow since June 25, with that single session erasing roughly 81% of all inflows from the prior ~two weeks; the funds still hold $57.8 billion in cumulative net inflows
- BlackRock's IBIT took the biggest hit at $207.7 million, with Fidelity's FBTC next at $105.1 million
- The 30-year Treasury yield climbed to about 5.7% on Wednesday — its highest since 2002 — while Brent crude settled near $100 a barrel; ship attacks around the Strait of Hormuz have averaged at least one a day since October 2, the source notes, adding fuel to the inflation backdrop
- The Federal Reserve raised rates in September for the first time since 2023, and minutes released Wednesday show most officials expect another hike before year-end, though CME FedWatch prices an October move at just 19.4% and Myriad gives it a 17% chance
- Bitcoin slid to $81,749.83 on Thursday, roughly 6% below its $86,978 earlier-in-the-week peak; longs absorbed the damage — $429 million in positions were liquidated over 24 hours, 87.5% of them long bets per CoinGlass
- October is now $163.3 million in the red for the ETFs after opening with $321.6 million of inflows over four sessions, ending Bitcoin's six-year October winning streak (2025 ended it with a 3.69% drop)
Why it matters: Bitcoin's six-year October winning streak is broken, and leveraged longs got crushed: 87.5% of $429 million in 24-hour liquidations were long bets. With 10-year Treasuries yielding over 5% and Bitcoin losing 6% in days, institutions face a direct opportunity-cost argument against holding BTC through ETFs — even though CME prices a Fed hike this month at just 19.4%.
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