Bitcoin ETFs shed $635 million as BTC tests their holdings’ estimated $81,500 cost basis

US spot Bitcoin exchange-traded funds recorded about $635 million in net outflows Thursday as the cryptocurrency traded near the estimated cost basis of the funds' Bitcoin holdings.The Oct. 22 withdrawals were the largest daily outflow since June 25 and reversed nearly 60% of the inflows the funds attracted over the previous three trading sessions, per SoSoValue data.BlackRock's iShares Bitcoin Trust (IBIT) led the selling with $254 million in withdrawals, followed by Fidelity's FBTC at $217 million. Together, the two funds accounted for approximately 74.2% of the day's net outflows.US Bitcoin ETFs Daily Flows (Source: Trader T)ARK Invest's ARKB shed another $109 million, while Grayscale's GBTC and Bitwise's BITB lost $30 million and $27 million, respectively. Morgan Stanley's MSBT was the only fund to attract fresh capital, recording about $2 million in inflows.The reversal coincided with Bitcoin's decline to as low as $80,841 during the reporting period, extending the cryptocurrency's struggle to recover as escalating Middle East tensions and renewed concerns about US technology stocks unsettled financial markets.Bitcoin's institutional support faces pressure from rising oil pric...