Bitcoin ETFs lost $484.9 million in a single day on Wednesday, the worst outflow since June 25, according to Decrypt's ETF tracker. BlackRock's IBIT took the biggest hit at $207.7 million, with Fidelity's FBTC next at $105.1 million.
That one session erased roughly 81% of everything that flowed in over the previous nine days, meaning about two weeks of inflows reversed in a single day. The funds still hold $57.8 billion in cumulative net inflows, making it a sharp setback rather than a mass exit.
The move is tied to the macro backdrop rather than crypto-specific factors. The 30-year Treasury yield climbed to about 5.7% on Wednesday, its highest since 2002, while Brent crude settled around $100 a barrel and stocks slid from record highs. Ship attacks around the Strait of Hormuz have occurred at least once a day since Oct. 2, keeping oil prices elevated.
Higher oil prices feed inflation, which keeps the Federal Reserve hawkish and bond yields high — a dynamic that weighs on an asset like Bitcoin that pays no interest. The Fed raised rates in September for the first time since 2023, and minutes from its most recent meeting, released Wednesday, show most officials expect another hike before year end. Traders remain skeptical of an October move: CME currently prices the odds of an October hike at 19.4%, while Myriad gives it a 17% chance.
