Bitcoin
Bitcoin ETF Holders Pull $635 Million Before Price Even Hits Their Usual Breaking Point
Oct 23, 2026, 05:25 UTC
Bitcoin
Oct 23, 2026, 05:25 UTC
Oct 23, 2026, 05:25 UTC2 min read
Investors pulled $635.49 million from US spot Bitcoin (BTC) exchange-traded funds (ETFs) on October 22. The money left before BTC fell far enough to hit the level where ETF holders have historically sold hardest.
A day earlier, the same funds had taken in $528.40 million. New research from DWF Labs pins down that level, and BTC now trades close to it.
The October 22 outflow was the largest single-day withdrawal since June 25, according to SoSoValue. It ended a 3-day run of inflows worth about $1.08 billion.
That run began with $526.6 million on October 19, the funds’ biggest day since September 22. October’s net flows now stand at roughly $174.5 million in withdrawals.
Investors sold while BTC still traded above a level that new research ties to heavier ETF selling. DWF Labs, a crypto market maker, studied spot Bitcoin ETF flows since January 2024.
Its research found that selling picks up once BTC closes 7% below its 20-day high.
“ETF investors aren’t shaken by small dips, but once a fall reaches about 7%, they start selling,” the report read.
Average daily flows then swing from about $74 million in inflows to $72 million in outflows. Flows worsened in 19 of the 24 cases DWF examined.
Based on Binance daily closes, BTC ended October 22 about 5.9% below its October 4 high of $86,530. That puts the 7% threshold near $80,470.
DWF also found that ETF flows tend to follow price moves. Flows were still positive on the peak day at 7 of 8 market tops.
October’s flows moved the same way. Money arrived as BTC rallied into October 21, then left when the price fell.
The price told the same story. The ETF flows tracked its price swings over the past week.
Based on Binance daily closes, BTC climbed from $82,245.93 on October 15 to $84,093.42 on October 21. The advance stalled near $85,000. BTC closed October 22 at $81,416.09, down 3.18% from the prior day’s close.
The 7% threshold is also set to move. Once the October 4 high drops out of the 20-day window, the next reference point is October 5’s close of $85,766.87. That would lower the trigger to roughly $79,760, unless BTC closes above $85,766.87 first.
However, DWF’s data suggests such selling tends to fade. After past 7% breaks, flows hovered near zero the next week and turned positive the week after.
The firm noted its sample shows a clear pattern but not statistical proof. The next few closes will show whether ETF outflows deepen if BTC closes below that line.
