US spot Bitcoin and Ether exchange-traded funds have recorded $986.3 million in combined net outflows so far in October, according to flow data from Farside Investors, as withdrawals accelerate across both product categories.

Bitcoin ETFs lost $244.1 million in net flows on Thursday, following $484.9 million in withdrawals on Wednesday. That Wednesday figure marks the largest single-day outflow for the products since June 25, when the category was still absorbing the aftermath of earlier institutional repositioning.

Ether ETFs posted $72.5 million in net outflows on Thursday, extending a losing streak to eight consecutive trading sessions. The funds have shed roughly $641.3 million over that stretch, which began Sept. 29, per Farside Investors data.

October net flows now stand at negative $407.4 million for Bitcoin ETFs and negative $578.9 million for Ether ETFs — meaning Ether products have accounted for the majority of the combined bleed despite their smaller asset base relative to Bitcoin funds.

What is driving the withdrawals?

The outflows coincide with a weakening Bitcoin rally. The cryptocurrency fell to as low as $80,427 on Thursday, according to CoinGecko, and traded at $82,506 at the time of writing.

The drawdown follows a breakout that on-chain analytics firm Glassnode suggests lacked confirmation from secondary market activity. A pickup in spot trading volume and ETF buying would show that Bitcoin's recent breakout had real support, according to Glassnode.

Why does the eight-session Ether streak matter?

Ether ETFs have now posted net outflows in every session since Sept. 29, a duration that exceeds typical single-week rotations. The $641.3 million cumulative draw suggests sustained redemption pressure rather than isolated profit-taking concentrated in one or two issuers' products.

For issuers, persistent outflows compress management fee revenue on shrinking asset bases and complicate the product pipeline narrative that accompanied the spot Ether ETF launches in mid-2024. For market structure, ETF creations and redemptions have become a meaningful conduit between traditional brokerage flows and spot crypto liquidity, so consecutive redemptions translate directly into sell pressure on the underlying assets.

How large is the October bleed?

The month-to-date figures break down as follows, per Farside Investors:

• Bitcoin ETFs: $407.4 million in net October outflows
• Ether ETFs: $578.9 million in net October outflows
• Combined: $986.3 million, approaching the $1 billion mark
• Largest single day: Wednesday's $484.9 million Bitcoin ETF outflow, the biggest since June 25

What comes next?

With roughly two weeks of trading left in October, the combined category sits within $14 million of crossing the $1 billion outflow threshold for the month. Whether that line is crossed depends on whether Wednesday's spike in Bitcoin redemptions proves an outlier or the start of a broader institutional rotation — and Glassnode's framework suggests traders should watch spot volume and ETF creation activity for confirmation either way.