Bitcoin slipped below $80, 000 in a market snapshot reported on October 26, as two days of withdrawals from U.S. spot Bitcoin ETFs raised concerns about demand. The flows marked a sharp reversal, but they do not prove that an equivalent amount of Bitcoin was immediately sold on spot markets.
- ETF outflows totaled about $773.5 million on October 22 and 23.
- Flows from October 19 to 23 were still positive by about $301.2 million.
- Binance deposit data showed more retail-sized deposits, but deposits are not confirmed sales.
ETF withdrawals were sharp, but the five-session balance stayed positive
U.S. spot Bitcoin ETFs recorded net outflows of $635.6 million on October 22 and $137.9 million on October 23, according to Farside Investors figures reported by Crypto.news. The two days totaled about $773.5 million. BlackRock’s IBIT and Fidelity’s FBTC accounted for $471.6 million of the October 22 outflow.
The withdrawals came after three sessions of inflows totaling about $1.07 billion. As a result, the net balance from October 19 to 23 remained positive by approximately $301.2 million, based on Crypto.news’s calculation from Farside data. The October 23 figure may be revised, so the total is provisional.
An ETF outflow means money has left a fund and generally reflects redemptions and a reduction in fund assets. It does not, on its own, show that an equivalent amount of Bitcoin was immediately sold on spot exchanges. Investors can trade ETF shares with one another without changing a fund’s Bitcoin holdings. And the settlement method used for a redemption does not tell us what the recipient later did with any Bitcoin received.
In July 2025, the SEC permitted in-kind creations and redemptions for spot crypto exchange-traded products. In plain terms, funds can transfer crypto instead of cash in some transactions. That permission does not show which method was used for these withdrawals or whether Bitcoin was later sold. The ETF figures may have weighed on sentiment, but they are not a direct tally of spot-market selling.
Binance deposits offer a warning signal, not proof of selling
CryptoQuant analyst Darkfost reported that the 30-day cumulative value of retail-sized Bitcoin deposits to Binance rose from about $5.5 billion in April to $10.75 billion. BeInCrypto, which reported the CryptoQuant data, described the figure as a rolling 30-day total, not deposits made in a single day.
Whale deposits to Binance reportedly fell from $5.9 billion in late August to roughly $3.8 billion. That points to a slowdown, not an end to deposits from large holders. The two comparisons also begin at different times, so they are not a direct, same-period contest between retail investors and whales.
The wallet-size thresholds used to classify deposits as retail-sized or whale activity were not specified. A deposit to an exchange is not a completed sale. It may indicate that a holder is preparing to trade, but it does not confirm that a trade took place. The figures cover Binance, not the entire Bitcoin market.
What the evidence says about Bitcoin’s decline
Bitcoin fell below $80, 000 as ETF withdrawals and retail-sized deposits to Binance rose, signals that can add to concerns about near-term demand. But neither metric shows how much Bitcoin was sold or proves that either one caused the price move.
That distinction matters when the market is under pressure. Flows, exchange deposits and price action can flag risks worth watching, but they do not reliably predict what happens next. Bitcoin’s next move will depend on actual buying and selling, not on treating any single metric as a verdict.
Key questions about Bitcoin below $80, 000
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How large were the reported ETF outflows?
Farside Investors figures reported by Crypto.news showed net outflows of $635.6 million on October 22 and $137.9 million on October 23, or about $773.5 million combined.
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Were ETF flows negative from October 19 to 23?
No. The five-session balance was still positive by approximately $301.2 million, although the October 23 figure may be revised.
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Do ETF outflows prove that the same value of Bitcoin was sold?
No. Outflows reflect redemptions and reduced fund assets, but the figures do not show that an equivalent amount of Bitcoin was immediately sold on spot markets.
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Do rising Binance deposits prove retail investors sold?
No. Deposits may indicate an intention to trade, but they are not confirmed sales. The reported data cover Binance, and the wallet-size cutoff for “retail-sized” deposits was not specified.
