Bitcoin ETF Outflows Hit $137.9M on Oct 23 — Final Figure May Be Far Higher

BREAKING

Bitcoin ETFs recorded $137.9M in net outflows on October 23, according to data from @OnchainLens — but that number is almost certainly incomplete. Only 3 of the 12 spot Bitcoin ETF funds had reported at the time of publication. The final October 23 figure could be significantly higher.

At the time of writing, Bitcoin is trading at $80,823 — down 1.01% in the past 24 hours.

What the Partial Data Already Shows

Of the $137.9M in confirmed net outflows, BlackRock’s IBIT accounted for $110.3M — an 80.0% share of total reported outflows from a single fund. That concentration figure is computed from the partial report alone: $110.3M ÷ $137.9M = 80.0%. For the dominant spot Bitcoin ETF by AUM to lead an outflow day at that ratio is structurally notable, regardless of what the remaining nine funds ultimately report.

The month-to-date net outflow figure now stands at $313.5M across the spot Bitcoin ETF complex through October 23 — meaning October has turned net negative for institutional ETF flows with one week remaining in the month.

The On-Chain Custody Signal — 6,998 BTC in 24 Hours

Separate from the fund-level NAV reporting, on-chain custody data shows 6,998 BTC — approximately $571.6M at current prices — left ETF custody wallets in the same 24-hour window. This figure is not subject to the partial-reporting caveat; it reflects actual Bitcoin movement recorded on-chain.

The divergence between the reported NAV outflow ($137.9M) and the on-chain custody movement ($571.6M) is the key data tension in this report. The gap — $433.7M — suggests either significant unreported fund-level outflows will close the distance when all 12 funds report, or that custody rebalancing activity is occurring beyond same-day redemption flows. At 6,998 BTC, the on-chain figure is 4.15x the reported NAV outflow in dollar terms.

For context on what sustained institutional pressure on Bitcoin looks like historically, Bitcoin Is Only 40% Through Its Recovery — Every Cycle Says More Time Ahead outlines where the current cycle sits relative to prior drawdown-and-recovery sequences.

What to Watch When All 12 Funds Report

The current partial dataset covers 3 of 12 funds. The remaining nine unreported funds include smaller issuers — Fidelity’s FBTC, Ark’s ARKB, Bitwise’s BITB, Invesco’s BTCO, VanEck’s HODL, Franklin’s EZBC, WisdomTree’s BTCW, Valkyrie’s BRRR, and Grayscale’s GBTC and BTC mini-trust variants. Historically, GBTC has been the second-largest driver of outflow events in the spot ETF complex.

If the remaining nine funds report proportional outflows to IBIT’s rate, the October 23 total would scale materially beyond $137.9M. However, the proportional assumption is not guaranteed — IBIT has previously led outflow days while smaller funds recorded net inflows or flat flows.

The $313.5M month-to-date figure already places October 2026 among the net-negative months for Bitcoin spot ETF flows. Whether the final October 23 daily number closes above or below the on-chain custody signal of $571.6M is the single most data-relevant update to monitor when remaining funds report.

Those tracking broader positioning around this move may also note that James Wynn returned after 49 days to open a 40x BTC short on Hyperliquid in the same period — a directional bet that aligns with the ETF outflow pressure visible in this data.

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Source: OnchainLens · Published by CoinsProbe Markets Desk

Written by

Coinsprobe Markets Desk

Crypto journalist and analyst covering blockchain, DeFi, and digital asset markets at CoinsProbe.

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