US spot funds for Bitcoin and Ethereum recorded the largest outflow of funds in recent months. On Thursday, all 21 funds — 12 Bitcoin ETFs and 9 Ethereum ETFs — reported zero capital inflows. Against the backdrop of tougher rhetoric from Fed Chair Jerome Powell, investors are massively taking profits and reducing risky positions.
Mass outflows from BTC and ETH ETFs
According to Farside Investors, spot Bitcoin ETFs lost $488.4 million on October 30, with not a single fund showing inflows. A similar situation is observed in Ethereum funds — the total outflow amounted to $184 million with no new investments at all.
The largest sales were in BlackRock IBIT, which saw $290.9 million withdrawn. The Fidelity BTC ETF lost $46.5 million, and the Ark & 21Shares and Bitwise funds lost $65.6 million and $55.1 million, respectively.
In the Ethereum segment, the largest outflow was recorded by the BlackRock WETH fund — $118 million. In second place was Bitwise ETH ETF with $31 million, followed by Fidelity ETH ETF with $18.5 million. Only the Grayscale fund saw no movement that day.
Despite the sell-offs, BlackRock’s IBIT remains the largest Bitcoin fund in the world, managing over 805,000 BTC (about $87 billion at the current rate). In second place is Fidelity FBTC with 295,000 BTC, and Grayscale GBTC rounds out the top three with 270,000 BTC.
Solana stands out from the general background
Amid outflows from Bitcoin and Ethereum funds, Solana showed positive dynamics. The total inflow was $37.3 million, of which $36.5 million went to the Bitwise SOL ETF, and the Grayscale Solana ETF added another $780,000. This is the third consecutive day that Solana has shown a net inflow of funds — a rarity against the backdrop of declining interest in other crypto assets.
The market reacts to Fed signals
Outflows from ETFs coincided with a drop in the price of Bitcoin. After the Fed meeting, where the rate was cut by 0.25%, but Jerome Powell stated that further cuts are not guaranteed, Bitcoin fell by 3.6% to $107,900. Over the month, it lost about 5.6%.
The market took the Fed Chair’s comments as a signal that the easing cycle may be less aggressive than expected. According to Polymarket, the probability of another rate cut in December fell from 90% to 71%. The CME FedWatch tool shows an even more cautious estimate — 67% probability of a rate cut by the end of the year.
According to Bitget exchange COO Vugar Usi Zade, Powell’s statements made investors reconsider their expectations:
“Traders are reducing risky positions. Bitcoin and Ethereum ETFs show the caution of market participants, and large players are taking profits.”
Whale activity on Binance intensifies
Data from the CryptoQuant analytics platform confirms declining interest from US investors. The average weekly outflow from US Bitcoin ETFs was only 281 BTC, the weakest figure since April.
In addition, the CME Futures basis fell to its lowest levels in several years, indicating that institutional traders are not increasing exposure, but rather taking profits after the autumn rally.
CryptoQuant also draws attention to the activity of large holders on the Binance exchange. The Exchange Whale Ratio indicator rose from 0.33 to 0.41 between October 12 and 25, indicating an increase in large wallet transfers to the exchange.
Analysts warn: such dynamics often precede sales. If large holders are indeed preparing to take profits, the market may face a short-term price decline.
What’s next?
Mass outflows from ETFs and increased whale activity indicate growing investor caution. After record inflows in the first half of the year, the market is cooling — and now attention is shifting to the December Fed meeting.
If the regulator maintains a tough stance, pressure on cryptocurrencies may intensify. But if there are hints of a return to liquidity stimulus policies, Bitcoin and Ethereum could quickly recover — especially if institutional interest rises again.
Read more: The Fed announced the end of QT. What does it mean for Bitcoin?
