Crypto ETF Outflows Hit $166.78M as Bitcoin Faces Potential $75K Drop
TLDR:
- US spot Bitcoin ETFs lost $82.39M on October 16, with BlackRock’s IBIT accounting for $71.78M.
- Ethereum ETFs recorded $69.68M in outflows, marking their third consecutive day of withdrawals.
- Bitcoin open interest rose 4.5% as its price fell 2.68%, raising concerns about leveraged long positions.
- Cryptoinsightuk sees a possible BTC correction toward $75,000, but the outcome remains uncertain.
Bitcoin ETF outflows reached $82.39 million on October 16, as spot Ethereum ETFs lost another $69.68 million. The withdrawals coincided with Bitcoin trading at $81,381.41, down 0.38% over 24 hours and 1.41% over seven days.
BlackRock’s iShares Bitcoin Trust (IBIT) accounted for $71.78 million in Bitcoin ETF outflows, while its Ethereum fund, ETHA, recorded $69.68 million in withdrawals.
Meanwhile, market analyst Cryptoinsightuk warned that Bitcoin could face a deeper correction toward $75,000. He cited rising leveraged long exposure, positive funding rates, and liquidity below Ethereum’s market price.
Bitcoin ETF Outflows Reach $82.39 Million as BlackRock Leads Withdrawals
According to Wu Blockchain, US spot Bitcoin ETFs recorded $82.39 million in net outflows on October 16.
BlackRock’s IBIT accounted for $71.78 million, while Fidelity’s fund lost $10.61 million. Crypto Patel’s flow data showed that investors withdrew approximately 1,014 BTC across the two funds.
Spot Ethereum ETFs recorded $69.68 million in net outflows, marking their third consecutive day of withdrawals.
BlackRock’s ETHA accounted for the entire daily outflow, equivalent to 28,960 ETH. These figures indicate that selling pressure extended beyond Bitcoin into Ethereum investment products.
Other crypto ETFs also recorded net outflows.
Solana funds lost $12.67 million, XRP funds shed $2.47 million, and Chainlink funds recorded $397,260 in withdrawals. Zcash and Hedera products also posted outflows of $1.22 million and $558,980, respectively.
NEAR ETFs were the exception, attracting $2.61 million in net inflows.
Crypto Patel reported approximately $166.78 million in total net outflows across US spot crypto ETFs. These figures show broad-based withdrawals, although individual fund flows do not establish the direction of the entire crypto market.
Bitcoin Price Faces $75,000 Risk as Leverage Builds
Bitcoin’s price structure remains central to the market outlook.
Cryptoinsightuk said Bitcoin may have completed an initial five-wave advance from lows near $57,000. However, he considers a deeper corrective move toward $75,000 more likely than an already completed correction.
His analysis points to positive funding rates and rising open interest.
Since Bitcoin traded near $84,000, open interest increased approximately 4.5%, while its price declined 2.68%. This combination suggests traders continued adding exposure as the market moved lower.
Positive funding rates generally mean long-position holders pay short-position holders in perpetual futures markets. That can indicate crowded bullish positioning, although funding rates alone cannot confirm whether new positions are predominantly long.
If Bitcoin continues falling, leveraged long traders could face forced liquidations. Those liquidations may add selling pressure, potentially accelerating a decline toward the $75,000 region.
Cryptoinsightuk also identified Ethereum liquidity approximately 6% to 9% below its current price as supporting context for his scenario.
ETF withdrawals and leveraged positioning are adding pressure to an already weakening market structure. However, neither ETF flows nor funding rates guarantee further declines.
Bitcoin’s ability to stabilize above recent lows will help traders assess whether the correction is deepening or losing momentum.
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