US Spot Bitcoin ETFs Record $635.49M Outflow Ahead of DWF Labs' 7% Drawdown Trigger

Investors withdrew $635.49M from US spot Bitcoin $BTC exchange-traded funds on October 22, marking the largest single-day outflow since June 25, according to SoSoValue. The withdrawal ended a three-day run of inflows totaling about $1.08B—including $528.40M on October 21 and $526.6M on October 19—bringing October's net flows to roughly $174.5M in withdrawals. Research from crypto market maker DWF Labs examining spot Bitcoin ETF flows since January 2024 found that once BTC closes 7% below its 20-day high, average daily flows swing from about $74M in inflows to $72M in outflows across 19 of 24 examined cases. Based on Binance daily closes, BTC ended October 22 at $81,416.09, down 3.18% on the day and about 5.9% below its October 4 high of $86,530, keeping it above the roughly $80,470 threshold where heavier selling historically starts. DWF Labs noted its sample indicates a pattern rather than statistical proof, adding that past outflows after 7% breaks typically hovered near zero the following week before turning positive the week after. "ETF investors aren't shaken by small dips, but once a fall reaches about 7%, they start selling." — DWF Labs report