Spot Bitcoin ETFs shed $635 million on October 22, with BlackRock’s IBIT leading the exodus

US spot Bitcoin ETFs bled $635 million on October 22, according to SoSoValue data reported by Odaily. That is a sharp reversal for a product category that had spent the previous few days collecting cash. BlackRock’s iShares Bitcoin Trust (IBIT), the biggest name in the space, was the largest single source of the outflow. Investors pulled $254 million from the fund in one session. A busy week in reverse The timing is what makes the number stand out. In the three days before October 22, these funds attracted more than $1 billion in combined inflows. October 21 alone brought in approximately $528 million. Most of that came from the two heavyweights of the category. IBIT took in $235 million that day. Fidelity’s Wise Origin Bitcoin Fund (FBTC) added $212.7 million. Then the next day happened. IBIT’s $254 million outflow on October 22 was larger than its entire $235 million haul from the session before, which means the fund gave back a full day of gains plus about $19 million more. With IBIT responsible for $254 million of the $635 million total, other issuers accounted for roughly $381 million in redemptions between them. October has been choppy overall. Earlier in the month, certain s...