Markets · ETF Flow Read
Bitcoin funds' Friday exit turns the week negative; ether funds lose again
U.S. spot bitcoin ETFs had a net outflow of $202.4 million in the week of Oct. 26–30 after a $643.2 million exit on Friday, and spot ether ETFs lost a net $431.4 million, according to Farside Investors.
U.S. spot bitcoin exchange-traded funds, which hold bitcoin directly and trade like shares, lost a net $202.4 million in the week of Oct. 26–30, according to Farside Investors. Four days of inflows were not enough to cover Friday, when $643.2 million left. U.S. spot ether funds lost a net $431.4 million, their fifth straight losing week by Farside's daily figures.
That reverses the bitcoin side of last week's read. In the week of Oct. 19–23, bitcoin funds took in a net $301.2 million while ether funds lost money for a fourth week. One side has now flipped and the other has not.
How a good week turned
A net flow is the money investors put into a fund minus what they took out, measured through share creations and redemptions. Inflows mean new shares were created and the fund bought bitcoin to back them. Outflows mean shares were redeemed and the backing was sold or handed back. Farside tallies these figures fund by fund each trading day, in millions of dollars.
Until Friday, the bitcoin week looked like a steady, modest run of inflows.
| Trading day | Bitcoin ETFs net flow (US$m) |
|---|---|
| Oct. 26 | +110.3 |
| Oct. 27 | +176.0 |
| Oct. 28 | +137.3 |
| Oct. 29 | +17.2 |
| Oct. 30 | −643.2 |
| Week | −202.4 |
Source: Farside Investors (https://farside.co.uk)
The four positive days added up to $440.8 million. Friday alone was almost one and a half times that amount. The inflow had also already thinned to $17.2 million on Thursday before the outflow arrived.
Who sold on Friday
Friday's outflow was not confined to one fund. Five funds reported outflows, led by BlackRock's IBIT and Fidelity's FBTC.
| Fund | Friday, Oct. 30 (US$m) | Week of Oct. 26–30 (US$m) |
|---|---|---|
| IBIT (BlackRock) | −233.7 | +176.9 |
| FBTC (Fidelity) | −201.0 | −166.0 |
| ARKB (ARK/21Shares) | −129.5 | −129.5 |
| GBTC (Grayscale) | −53.3 | −53.3 |
| BITB (Bitwise) | −25.7 | −15.6 |
| Other funds | 0.0 | −14.9 |
| All funds | −643.2 | −202.4 |
Source: Farside Investors (https://farside.co.uk) Friday figures are Farside's. Weekly by-fund figures are Le Coin's sums of Farside's daily cells. Other funds: BTCW, MSBT and Grayscale's BTC, which had no Friday flows and a combined −14.9 for the week.
The week's split differs from Friday's. IBIT took in $410.6 million from Monday through Thursday, so it finished the week up $176.9 million even after its $233.7 million Friday outflow. The rest of the group drove the weekly loss. ARKB and GBTC had no flows until Friday, so their Friday figure is also their week.
Set each fund's Friday against what it had gathered earlier in the week and the picture sharpens. FBTC took in $35.0 million from Monday through Thursday and then lost $201.0 million on Friday, more than five times its earlier inflow. BITB had added $10.1 million before losing $25.7 million. IBIT is the only one of the five whose earlier inflows covered its Friday outflow, by $176.9 million. ARKB and GBTC reported zero flows on each of the first four days, so Friday was their whole week. (Monday–Thursday totals and the comparisons are Le Coin's arithmetic from Farside's daily cells.)
Cumulatively, Farside puts total net inflows into U.S. spot bitcoin funds since launch at $57,048 million. This week's −$202.4 million is about 0.4% of that, by Le Coin's arithmetic. The cumulative line also shows how uneven the group is. Farside's since-launch total for IBIT alone is $66,310 million, more than the whole group, because GBTC's running total is −$28,049 million. FBTC's cumulative is $10,182 million. So a Friday outflow from IBIT comes out of a much deeper pool of past inflows than the same-sized outflow from a smaller fund.
Ether's slow drain
The ether side had no big day. Every session was negative, and the losses added up.
| Week | Ether ETFs net flow (US$m) |
|---|---|
| Sept. 28–Oct. 2 | −138.1 |
| Oct. 5–9 | −542.2 |
| Oct. 12–16 | −320.1 |
| Oct. 19–23 | −220.7 |
| Oct. 26–30 | −431.4 |
| Five weeks | −1,652.5 |
Source: Farside Investors (https://farside.co.uk) Le Coin's weekly sums of Farside's daily rows. The week before the streak, Sept. 21–25, was +689.8.
This week's daily figures were −$88.6 million, −$60.2 million, −$21.4 million, −$105.5 million and −$155.7 million. BlackRock's ETHA lost money on all five days, for a combined −$391.1 million, which is most of the group's loss. Fidelity's FETH went the other way, taking in $63.1 million for the week. Grayscale's ETHE lost $37.0 million. Farside's cumulative figure for U.S. spot ether funds is $12,316 million.
The five-week view shows how concentrated the drain is. By Le Coin's sums of Farside's daily cells, ETHA's weekly flows over the streak were −$13.6 million, −$477.1 million, −$299.0 million, −$233.2 million and −$391.1 million. That totals −$1,414.0 million, about 86% of the group's −$1,652.5 million. ETHA was negative in 20 of the 25 sessions. The streak still leaves ether funds well above zero since launch: the five-week loss is about 13% of Farside's $12,316 million cumulative figure, and ETHA's own since-launch total is $11,869 million. (Percentages and session counts are Le Coin's arithmetic.)
The objection
Weekly flows are noisy, and one Friday can swing them. Had Friday come in flat, the bitcoin week would read +$440.8 million and this would be a second inflow week. Flows also show fund demand only. They say nothing about why investors moved, and nothing about where bitcoin or ether traded. We have not drawn that link and Farside does not either.
The objection is fair for bitcoin. It is weaker for ether. Five weeks of outflows, with the largest fund negative every day this week, is a pattern, not a single print.
Le Coin's view
In Le Coin's view, the two halves of this read deserve different weights. On bitcoin, the signal is one large day against four mildly positive ones, and IBIT stayed positive for the week. One week of that shape does not establish a change until a second week confirms it. On ether, the drain has now lasted five weeks and about $1.65 billion, concentrated in ETHA, while FETH kept taking money in. The flows alone cannot say whether that is money leaving ether or moving between funds, but the split points at ETHA.
The tell (Le Coin's view)
Watch Monday and Tuesday. If bitcoin funds return to inflows led by IBIT, Friday was a one-off. If FBTC and ARKB keep redeeming, the weekly flip becomes a trend. On ether, the first ETHA inflow day would be the first crack in the streak.
Stop
Bitcoin funds lost a net $202.4 million for the week on one large Friday outflow; IBIT stayed positive. Ether funds lost $431.4 million, a fifth straight losing week by Le Coin's sums of Farside's daily figures.
Sources
- [1] Farside Investors, Bitcoin ETF Flow (US$m): https://farside.co.uk/btc/, accessed Oct. 31, 2026, about 9:10 a.m. ET.
- [2] Farside Investors, Bitcoin ETF Flow, All Data: https://farside.co.uk/bitcoin-etf-flow-all-data/, accessed Oct. 31, 2026, about 9:10 a.m. ET.
- [3] Farside Investors, Ethereum ETF Flow (US$m): https://farside.co.uk/eth/, accessed Oct. 31, 2026, about 9:10 a.m. ET.
- [4] Farside Investors, Ethereum ETF Flow, All Data: https://farside.co.uk/ethereum-etf-flow-all-data/, accessed Oct. 31, 2026, about 9:10 a.m. ET.
- ETF flows: Farside Investors, https://farside.co.uk, accessed Oct. 31, 2026, about 9:10 a.m. ET.
- Weekly totals, by-fund weekly figures and five-week sums are Le Coin's arithmetic from Farside's daily cells.
Holding the Corner.
Not financial advice.