Bitcoin funds lose $654.5 million in five trading days and ether funds $576.8 million, as the price sits near what ETF buyers paid

Money kept leaving U.S. crypto funds at the start of the week. Spot bitcoin exchange-traded funds had a net outflow of $65.4 million on Monday, October 12, according to Farside Investors data, and every dollar of it came out of BlackRock's iShares Bitcoin Trust (IBIT). Every other fund in the table reported no change.

That makes $654.5 million out of bitcoin funds over five trading sessions. Friday, October 9, had briefly broken the streak with a $21.1 million inflow, led by $22.4 million into IBIT.

Ether funds fared worse on Monday. They lost $85.4 million, including $75.1 million from BlackRock's ETHA and $10.3 million from Grayscale's mini ether fund, and $576.8 million across five sessions.

The selling comes with bitcoin trading near the price many fund buyers paid. Bitfinex puts the average cost basis of ETF holders at about $84,340. Bitcoin dipped below $82,000 overnight and was near $83,700 on Tuesday morning. About $771 million in leveraged positions were liquidated over 24 hours, most of them bets on higher prices, according to CoinGlass figures cited in the same report.

The wider backdrop has not helped. Oil rose to its highest level in nearly a month on supply worries around the Strait of Hormuz, and the 10-year U.S. Treasury yield stayed above 5% after Cleveland Fed President Beth Hammack sounded hawkish, KuCoin's daily report noted. U.S. September inflation data is due Wednesday.

Fund flows can turn quickly, and a few days of outflows do not by themselves say where prices go next.