US spot Bitcoin exchange-traded funds lost $484.9 million in net outflows on Wednesday, October's largest single-day redemption and the biggest withdrawal event since June 25, according to data from Farside Investors.

The reversal was sharp. Tuesday's session had seen $118.8 million in net inflows, with BlackRock's iShares Bitcoin Trust (IBIT) alone absorbing $122 million. Wednesday flipped that picture entirely.

The previous record outflow this year came on June 25, when the funds shed $691.7 million. Wednesday's figure now stands as the second-largest daily redemption since the products launched.

What do the outflows mean for October?

Wednesday's withdrawals wiped out all of October's gains. The funds had recorded $321.6 million in net inflows over the month's first four trading sessions. After Wednesday, Bitcoin ETFs now sit at approximately $163 million in net outflows for October to date.

BlackRock's IBIT led Wednesday's redemptions with $207.7 million in withdrawals. Fidelity's FBTC followed with $105.1 million, and ARK 21Shares' ARKB contributed $101.7 million. The three funds accounted for roughly 85% of the day's total outflows.

IBIT's swing from a $122 million inflow on Tuesday to a $207.7 million outflow on Wednesday marks the fund's sharpest two-day reversal in recent weeks. IBIT remains the largest spot Bitcoin ETF by assets under management.

Bitcoin traded near $82,700 on Thursday, down about 2% over the previous 24 hours, according to CoinGecko data.

How deep is the Ether ETF losing streak?

US spot Ether ETFs extended their own deterioration on Wednesday with $160.9 million in net outflows — their seventh consecutive losing session.

Since September 29, Ether funds have shed approximately $569 million in cumulative net outflows, Farside Investors data shows.

BlackRock's iShares Ethereum Trust (ETHA) accounted for $116.1 million of Wednesday's Ether withdrawals. Grayscale's Ethereum Trust (ETHE) followed with $25.8 million in outflows.

The pattern across both asset classes points to a coordinated risk-off move rather than a product-specific issue. When the two largest issuers — BlackRock and Fidelity — see simultaneous redemptions across both Bitcoin and Ether vehicles, the flows typically reflect broader allocator positioning rather than dissatisfaction with individual funds.

What comes next for ETF flows?

Market participants will watch whether the outflow streak extends into the coming sessions or reverses as it did in late June, when redemptions subsided and inflows resumed within days. The seven-session Ether losing streak and Bitcoin's swing back to net monthly outflows suggest the next week of flow data will determine whether October closes as a redemption month or a recovery month for the two largest crypto ETF categories.