TL;DR

  • U.S. spot Bitcoin ETFs posted a net outflow of $635.6 million on Thursday, October 22 — the biggest one-day exit in months — per Farside Investors data reported October 23.
  • The same funds had taken in more than $1 billion over the first three sessions of the week; Thursday's reversal cut the week's net inflow to +$442 million.
  • BlackRock's IBIT (−$254.1M), Fidelity's FBTC (−$217.5M) and ARK's ARKB (−$109.4M) led the selling.
  • Bitcoin steadied near $81,411 on Friday, with a 24-hour low of $80,820 — roughly 1% above the $80,000 line.
  • The call: Bitcoin holds $80,000 into the Federal Reserve's rate decision on Wednesday, October 28 (2:00 p.m. ET) — the same night Microsoft and Alphabet report earnings.

What happened to Bitcoin ETF flows on Thursday?

The "institutions are buying the dip" story lasted three days. U.S. spot Bitcoin ETFs absorbed more than $1 billion between Monday and Wednesday as Bitcoin slid below $82,000, according to SoSoValue data compiled by Nexo Research. On Thursday, the flow reversed violently: a net $635.6 million left the funds in a single session, Farside Investors data shows, as Bitcoin broke lower on doubts about AI spending revived by Tesla and Meta earnings.

The selling was concentrated in the biggest funds. IBIT accounted for roughly 40% of the outflow, and the three largest products — IBIT, FBTC and ARKB — together shed $581 million. Thursday's leveraged washout compounded the move: about $440 million of leveraged positions, mostly longs, were reset over 24 hours, per Nexo.

Bitcoin itself steadied on Friday. Dow Jones Newswires reported BTC "broadly flat at $81,411," recovering modestly from Thursday's low of $81,074, while the Nasdaq Composite's 2.6% Thursday drop — its worst session since June — framed the risk-off backdrop (Morningstar; TradingView). Intraday data put the 24-hour low at $80,820 — within about 1% of the $80,000 threshold. Sentiment flipped with the flows: the Crypto Fear & Greed Index slid from 68 (Greed) to 50 (Neutral) in one day, with total crypto market capitalization down 3.1% to $2.82 trillion, per CoinStats and CoinGabbar.

How big was the $635.6 million outflow, fund by fund?

| Fund | Net flow, Thu Oct 22, 2026 | |---|---| | BlackRock IBIT | −$254.1 million | | Fidelity FBTC | −$217.5 million | | ARK 21Shares ARKB | −$109.4 million | | All U.S. spot Bitcoin ETFs | −$635.6 million |

Source: Farside Investors, reported October 23, 2026.

Context matters: one red day does not erase the week. Even after Thursday, the funds were net +$442 million on the week, because the Monday–Wednesday dip-buying was so large. The signal is not that institutions abandoned Bitcoin — it is that their buying is tactical, not steady, flipping from inflow to outflow day by day, exactly as Nexo's research desk put it. Dip support that can leave in a day is not a floor; it is a weather vane.

Why does Wednesday, October 28 matter so much?

Three catalysts land within hours of each other:

  1. The Fed decides at 2:00 p.m. ET. The FOMC meets October 27–28. A hold is nearly fully priced — 91.7% per CME FedWatch, via Nexo — so the risk is not the decision itself but any signal about December. Reuters' week-ahead analysis frames the meeting and the earnings flood as "pivotal tests" for a suddenly shaky AI-led rally (Reuters via Kitco; Reuters via WIXX).
  2. Microsoft and Alphabet report after the close — roughly two hours after the Fed. Company notices put both on Wednesday, October 28, with Amazon following Thursday, October 29, per the Admiral Markets earnings calendar. After Meta and Lam Research disappointed on AI-spending returns, the market "is just not giving the benefit of the doubt to companies that are spending a ton of money," Alpine Macro's Nick Giorgi told Reuters.
  3. Bitcoin is trading as a tech stock. This week's slide was an AI story, not a crypto story — Thursday's ETF exit happened while the Nasdaq posted its worst day since June and AI-investment anxiety knocked high-tech shares and even gold lower (SummaMoney market commentary). If Wednesday's AI earnings disappoint again, Bitcoin's ETF bid is the first thing that leaves — Thursday proved it.

What is The White Report's call?

Bitcoin holds $80,000 into Wednesday's Fed decision. The level has now been tested twice — $81,074 on Thursday, $80,820 overnight — without a break, dip-buyers have shown up at every approach this week (the week's flows are still net positive), and a 91.7%-priced Fed hold is a thin catalyst for a flush on its own. The gradeable claim: Bitcoin does not close a day below $80,000 before the Fed decision at 2:00 p.m. ET on Wednesday, October 28. We will grade it on Friday's Scoreboard, in public, whichever way it lands. The risk to the call is named, not hidden: a hawkish Fed surprise or a Microsoft/Alphabet capex shock on Wednesday night could break the line after the decision — that is a different bet, and we will make it with fresh facts if it comes.

FAQ

Did institutions abandon Bitcoin this week? No. U.S. spot Bitcoin ETFs are still net +$442 million on the week. Thursday's $635.6 million outflow shows the bid is tactical and reversible, not that it vanished.

Which Bitcoin ETF sold the most? BlackRock's IBIT, at −$254.1 million on Thursday — about 40% of the total outflow — followed by Fidelity's FBTC (−$217.5 million) and ARK's ARKB (−$109.4 million), per Farside Investors.

When is the next Fed decision? Wednesday, October 28, 2026, at 2:00 p.m. ET, following the October 27–28 FOMC meeting. Markets price a hold at 91.7% (CME FedWatch).

What price level matters for Bitcoin now? $80,000. Bitcoin's 24-hour low of $80,820 sits about 1% above it, and the level has not been breached in this selloff.

The White Report publishes news and analysis about crypto and AI markets. Nothing in this article is financial advice, and nothing here is a recommendation to buy or sell any asset. Do your own research before making investment decisions.