Fidelity's bitcoin fund accounted for about 81% of $244 million in bitcoin ETF withdrawals, and BlackRock's ether fund for about 98% of ether's. Fidelity's own ether fund took money in, and XRP funds were the only category with net inflows.
Six trading days into October, U.S. spot bitcoin and ether funds have returned close to $1 billion to investors, and Thursday's withdrawals were concentrated in two products.
Fund-flow data show October net withdrawals of about $407 million from bitcoin funds and about $579 million from ether funds, a combined $986 million. In September, bitcoin funds alone took in about $2.65 billion. The bitcoin outflows so far this month equal about 15% of that.
Thursday's concentration
The bitcoin funds lost a net $244.1 million on Oct 8, 2026. Of that, $197.1 million, about 81%, left Fidelity's Wise Origin Bitcoin Fund. The rest was spread thinly: $20.3 million from ARK's fund, $17.7 million from Bitwise's, $8.2 million from Grayscale's original trust and $5.5 million from BlackRock's iShares Bitcoin Trust, the biggest of the group. Franklin's fund gained $4.7 million.
Ether showed the same pattern with a different issuer. The ether funds lost about $72.5 million, and $71.1 million of it, about 98%, came out of BlackRock's iShares Ethereum Trust. Grayscale's ether trust lost $6.1 million.
Fidelity sat on both sides of the day. While its bitcoin fund led the bitcoin withdrawals, its ether fund took in $5.5 million.
Two days and eight
Adding Wednesday's $484.9 million, bitcoin funds have lost about $729 million in two sessions. For ether funds, Thursday extended the run of daily withdrawals that began on Sep 29, 2026 to eight sessions, totaling about $641 million.
Outside the two largest assets, results were mixed. XRP funds took in about $8.2 million, the only net inflow among crypto ETF categories. Solana funds lost about $3.3 million, a fourth day of withdrawals, while Hyperliquid funds lost $9.7 million and Zcash funds $18.7 million.
What concentration can and cannot show
When most of a day's redemptions come out of a single fund, the selling may trace to a narrower group of holders rather than a broad retreat. Fund-level figures do not identify who sold, so that reading remains an inference.
Prices
The selling coincided with a slide that took bitcoin to about $80,315 on Thursday afternoon; it was back near $82,500 early Friday. BlackRock's bitcoin fund closed Thursday at $46.26, down 2%, and its ether fund at $55.70, down 4.1%. Both traded higher in early Friday trading, by about 1% and 1.7%.
Opposing readings
On one view, investors are reducing crypto exposure before September's inflation data on Oct 14, 2026 and the Fed's Oct 27, 2026–Oct 28, 2026 meeting, with officials pointing to more rate increases.
On another, October's withdrawals are a modest give-back after a large September, and the concentration in one product per asset suggests a few large decisions rather than a general exit.
The next prints
Friday's flow data, released after the U.S. close, will show whether the price rebound drew buyers back. Two figures will separate the readings: whether ether's streak reaches a ninth day, and whether withdrawals spread beyond the one fund in each asset that carried Thursday's selling.