Bitcoin and ether ETFs have bled nearly $1 billion in October, with $729 million out of bitcoin funds in two days

The money leaving US crypto funds is adding up. Spot bitcoin ETFs lost $244.1 million on Thursday, October 8, a day after shedding $484.9 million, according to Farside Investors data. That is $729 million in two sessions, and it has pushed the funds to a net outflow of $407.4 million for October, Cointelegraph reported.

Thursday's selling was concentrated. Fidelity's FBTC lost $197.1 million, about four-fifths of the day's total, while BlackRock's IBIT, which led Wednesday's exit, lost $5.5 million. Franklin's EZBC was the only bitcoin fund to take in money, with $4.7 million.

Ether funds are on a longer losing run. They lost $72.5 million on Thursday, their eighth straight session of outflows since September 29, for a total of about $641 million. Their October outflow stands at $578.9 million. Together, bitcoin and ether ETFs have lost a net $986.3 million this month.

The selling came as bitcoin fell as low as $80,427 on Thursday, according to CoinGecko data cited by Cointelegraph. Analysts at Bitfinex, quoted by Decrypt, said spot demand "remains the missing piece" and that the average ETF investor is back at breakeven for the first time since January, a level where inflows have historically been slow.

What to watch: Friday's flow figures, and the September US inflation report on October 14, which the Bitfinex analysts said could move bitcoin out of its recent range.