Key Insights:
- Bitcoin ETF outflows contributed $407.4 million to October’s withdrawals.
- Ethereum ETFs extended their losing streak to eight consecutive trading sessions.
- Franklin Templeton’s XRP ETF offered another channel for institutional crypto exposure.
U.S. spot Bitcoin ETF outflows accelerated through Oct. 8 as cryptocurrency prices retreated. Bitcoin and Ethereum exchange-traded funds (ETFs) recorded combined net withdrawals approaching $1 billion.
Farside Investors’ data showed that investors withdrew capital despite inflows earlier in October. The withdrawals raised questions about institutional demand following Bitcoin’s unsuccessful attempt to sustain gains above $85,000.
Meanwhile, Franklin Templeton continued to offer XRP exposure through its exchange-traded product. Thus, it provided investors with another cryptocurrency investment option.
Bitcoin ETF Outflows Deepen as BTC Price Falls Below $82K
The Farside Investors’ data showed Bitcoin ETFs recorded $244.1 million in net withdrawals on Thursday. The losses followed Wednesday’s $484.9 million outflow, marking two consecutive sessions of institutional fund withdrawals.
BlackRock’s iShares Bitcoin Trust recorded relatively modest withdrawals during Thursday’s session. Fidelity’s Wise Origin Bitcoin Fund accounted for $197.1 million, representing most of the day’s net outflows.
Other funds also experienced redemptions, although several products reported unchanged daily flows. The figures showed uneven selling across issuers rather than identical withdrawal patterns throughout the market.
CoinGecko historical data showed that Bitcoin closed Oct. 8 at around $81,686, down from $83,282 the previous day. Trading volume reached approximately $39.45 billion, compared with $26.92 billion during Wednesday’s session.
The higher trading activity accompanied falling prices, suggesting selling pressure intensified during the decline. However, aggregate trading volume alone could not establish whether institutional investors drove the entire market movement.
Ethereum ETF Outflows Extend Eight-Day Losing Streak
Similar to Bitcoin ETF, Farside Investors recorded $72.5 million in Ethereum ETF outflows during Thursday’s session. The withdrawals extended a losing streak that began Sept. 29, despite earlier institutional interest in Ether products.
BlackRock’s iShares Ethereum Trust accounted for $71.1 million in withdrawals during the latest session. Fidelity’s Ethereum Fund attracted $5.5 million, showing that individual products continued receiving fresh capital.
Grayscale’s Ethereum Trust also lost $6.1 million, while smaller issuers reported mixed activity. These differences indicated investors adjusted exposure across products rather than abandoning every Ethereum investment vehicle.
The eight-session losing streak brought cumulative withdrawals to approximately $641.3 million, based on Farside’s figures. Bitcoin ETF outflows also outweighed new subscriptions during October, leaving the broader U.S. fund market under pressure.
Bitcoin ETF Outflows Test Weak Market Liquidity
Glassnode’s Oct. 7 research identified weakening participation behind Bitcoin’s earlier price recovery. The research firm estimated a seven-day average spot and ETF trading volume of $6.8 billion daily.
That activity ranked below approximately 90% of comparable trading days since January 2024. Glassnode also found that fresh capital contributed less than two-fifths of recent realized capitalization growth.
The findings suggested existing holders drove much of the recovery through transactions at higher prices. Consequently, weaker ETF demand reduced another potential source of support during Bitcoin’s subsequent decline.
Glassnode identified short-term holder profit-taking as another pressure point. On Oct. 4, profitable short-term holdings represented approximately 86% of Bitcoin inflows to exchanges.
That share reached its highest level in a year, indicating recent buyers used the rally to realize gains. Continued exchange deposits could increase the available supply if buyers failed to absorb additional selling.
XRP ETF Interest Contrasts with Broader Fund Withdrawals
Franklin Templeton’s official product documents confirmed its XRP exchange-traded fund trades under the ticker XRPZ. The firm launched the product on Nov. 24, 2025, providing exposure to XRP price movements.
The asset manager’s product information showed XRPZ tracks the CME CF XRP-Dollar Reference Rate, New York Variant. Its existence broadens regulated crypto investment choices, although it does not establish fresh demand during October’s selloff.
Social media accounts circulated claims of an $8.17 million inflow into Franklin Templeton’s fund. However, independently confirmed fund-level transaction data remained unavailable for that specific claim during verification.
Thailand also expanded access to cryptocurrency investment through newly issued ETF regulations. The Securities and Exchange Commission announced the rules on Oct. 8, establishing requirements for domestic crypto investment products.
The framework requires passive funds to track underlying digital assets in accordance with specified investment and custody requirements. However, regulatory authorization does not establish that individual funds have received approval to begin trading.
Bitcoin Price Faces Another Liquidity Test
Glassnode’s derivatives analysis identified concentrated liquidation exposure between $81,700 and $83,300. Its earlier order-book assessment also located substantial buying interest around $81,000.
The subsequent price decline placed those levels under pressure, although order-book liquidity can move or disappear. Glassnode identified $85,500 as a potential recovery threshold following the unsuccessful breakout.
Its research also found options traders favored calls over puts, despite weakening spot demand. That positioning created a divergence between bullish derivatives expectations and the weaker underlying cash market.
Investors will next monitor fresh U.S. ETF flows, and October’s consumer price index release on Oct. 14. Thailand’s new crypto ETF framework takes effect Oct. 16, providing another regulatory milestone for digital asset funds.
