Markets Slip as Bitcoin ETFs Record First Outflows in Two Weeks

Crypto markets slipped on Wednesday, following the first net outflows in two weeks from U.S. spot Bitcoin exchange-traded funds (ETFs).

Bitcoin (BTC) dipped by 2.5% to 65,800, and Ethereum (ETH) plunged 5% to trade under $2,500. Solana (SOL) remained flat, while Polkadot (DOT) dropped 3%.

Yesterday, flows into U.S. spot Bitcoin exchange-traded funds (ETFs) turned net negative for the first time in two weeks. According to data from Farside Investors, ETFs suffered a net outflow of $79 million on the day.

The ARK 21 Shares Bitcoin ETF recorded the largest outflow at $134 million. In contrast, BlackRock’s iShares Bitcoin ETF (IBIT) managed to attract $43 million in inflows, though this was a significant drop from $329 million just a day earlier.

Data from CoinGlass shows that total Bitcoin futures open interest on exchanges now sits at $38.77 billion.

Over 92% of Bitcoin Holders Now in Profit

Data from CryptoQuant reveals that 92.4% of Bitcoin’s supply is currently profitable, with only 7.6% of holders still sitting on losses as of October 23, when BTC reached $67,381.

CryptoQuant analyst Axel Adler Jr pointed out that “the majority of coins were purchased at the $55K level,” suggesting that recent profit-taking could lead to further price corrections as traders lock in gains.

Tesla's Bitcoin Holdings Remain Intact

On Oct. 16, electric car maker Tesla made headlines after reportedly moving its entire Bitcoin stash, worth approximately $780 million, to unidentified wallets.

However, according to blockchain analytics firm Arkham Intelligence, Tesla still holds its 11,509 BTC.

“We believe that the Tesla wallet movements that we reported last week were wallet rotations with the Bitcoin still owned by Tesla,” Arkham said in an Oct. 22 post. The Bitcoin was split across seven wallets, with the largest receiving batches valued at $142 million and $128 million.

Stock Markets Tank

U.S. stocks plunged, with the S&P 500 posting consecutive losses for the first time since early September. The S&P 500 slid 1.2%, the Dow dropped by 1.1%, and the Nasdaq-100 shed nearly 2%.