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Bitcoin ETFs shed $635 million as BTC tests their holdings’ estimated $81,500 cost basis

By Oluwapelumi Adejumo

US spot Bitcoin exchange-traded funds recorded about $635 million in net outflows Thursday as the cryptocurrency traded near the estimated cost basis of the funds' Bitcoin holdings. The Oct. 22 withdrawals were the largest daily outflow since June 25 and reversed nearly 60% of the inflows the funds attracted over the…

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Bitcoin

The first and largest cryptocurrency, created in 2009, with a fixed maximum supply and no central issuer.

Its price swings and adoption by funds and companies make it a bellwether for the whole crypto market.

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Exchange-traded fund

An investment fund that holds a basket of assets, such as the shares in an index, and trades on a stock exchange like a single share.

ETFs offer low-cost, diversified investing and are a fast-growing way people save.

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Cryptocurrency

A digital currency secured by cryptography and recorded on a blockchain, without a central bank issuing it.

Crypto prices are volatile, and governments are still deciding how to regulate it.

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