Bitcoin ETF holders withdrew $635.49 million before hitting historical selling threshold

Investors pulled $635.49 million from US spot Bitcoin (BTC) exchange-traded funds (ETFs) on October 22, marking the largest single-day withdrawal since June 25, ending a three-day inflow run of about $1.08 billion. New research from DWF Labs indicates that ETF selling typically increases only when BTC closes 7% below its 20-day high, which is near $80,470 based on the October 4 high of $86,530. DWF Labs found that ETF flows tend to follow price moves, with inflows occurring when BTC rallied into October 21 and outflows when the price fell on October 22.