Bitcoin ETFs give back $261 million in a day as Fidelity and BlackRock funds bleed and bitcoin slips under $82,000 on the hot inflation print

Tuesday's return of ETF money lasted one day. US spot bitcoin ETFs recorded net outflows of $261.4 million on Wednesday, according to Farside Investors, after taking in $175.7 million on Tuesday. Fidelity's FBTC accounted for $152.7 million of the exits and BlackRock's IBIT for $110.9 million; the other nine funds were flat except Bitwise's BITB, which added $2.2 million. Ether funds fared no better: $129.5 million left, including $109.8 million from BlackRock's ETHA and $18.8 million from Grayscale's ETH mini trust, reversing Tuesday's $24.8 million inflow.

Prices went the same way. Bitcoin fell below $82,000 and was down about 2% as of 12:51pm ET, The Block reported, with ether, XRP and solana each down nearly 3%, after September core consumer prices came in up 0.3% for the month and 2.6% over the year, both a tenth above forecasts. "A hotter core at 0.3% puts an October hike back on the table after a soft jobs report," Thomas Wu, chief financial officer of lender Ledn, told The Block. Paul Howard of Wincent told the outlet he expects bitcoin to hold an $80,000 to $88,000 range near term.

The quarter as a whole looked better for the biggest issuer. BlackRock's third-quarter earnings, reported by CoinDesk, showed digital asset assets under management of $79.6 billion at the end of September, up 63% from $48.8 billion in June, with $7.9 billion of net inflows and the rest from prices. That is still 23% below the roughly $104 billion it ran a year earlier, and its crypto products earned $39 million in fees and securities-lending revenue in the quarter.