BlackRock's iShares Bitcoin Trust (IBIT) recorded a $71.8 million outflow on Friday, October 16. These withdrawals accounted for the majority of the $82.4 million in total net exits from U.S. spot Bitcoin ETFs that day. Client-driven redemptions forced the fund to sell its underlying Bitcoin holdings.
Bitcoin ETFs experienced a volatile week with $228.4 million in total net withdrawals across five sessions. Rising interest rates and a decline in Bitcoin's price triggered the sell-off.
The trend suggests a wavering institutional appetite for Bitcoin in the short term. Investors are monitoring the market to see if demand stabilizes.