Record Outflows from Bitcoin ETF Reached $773 Million

Bitcoin ETF funds recorded a net outflow of $773.43 million over two trading sessions, according to SoSoValue. On October 23, the outflow was $137.94 million, adding to the $635.49 million withdrawals the day before – the largest single-day outflow since late June. The outflows followed the news that Franklin Templeton, an asset management company with $1.8 trillion in assets, received Nasdaq approval to list two Bitcoin-focused ETFs. The Franklin US Equity Bitcoin DRIP Index ETF (FBEQ) and Franklin US Innovation Bitcoin DRIP Index ETF (FIBT) combine exposure to US equities with a gradual Bitcoin accumulation strategy and are not primarily intended to directly track the price of BTC.

The largest outflow on October 23 was observed in BlackRock’s iShares Bitcoin Trust (IBIT) – $110.34 million. Fidelity’s Wise Origin Bitcoin Fund (FBTC) recorded $31.78 million withdrawals, while Morgan Stanley’s MSBT showed net inflows of $4.19 million. Despite the outflows, weekly inflows into Bitcoin ETFs remained positive, amounting to approximately $228.2 million.

Bitcoin's price is around $80,550, down 1.32% for the day, which puts pressure on the cryptocurrency despite news of new Franklin Templeton funds. On the daily chart, BTC remained above its key moving averages: the 100-day moving average was around $77,500, and the 200-day was around $76,200. Both indicators were rising, providing support to the overall trend. The nearest support level is around $80,000, followed by the 100-day moving average around $77,500. A break below $80,000 could increase selling pressure. Elevated open interest adds risk: if BTC loses the $80,000 level while maintaining high leveraged positions, forced liquidations could accelerate the decline to the 100-day moving average.

Currently, Bitcoin faces mixed signals. Positive weekly inflows into ETFs and rising moving averages provide some support, while significant recent outflows and potential forced liquidations may pressure the price.