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

US spot Bitcoin exchange-traded funds recorded about $635 million in net outflows on Thursday, Oct. 22, as Bitcoin traded near the estimated cost basis of the funds’ holdings. The withdrawals were the largest daily outflow since June 25. They reversed nearly 60% of the inflows those funds attracted over the previous three trading sessions. Cost basis here refers to the estimated average cost of the funds’ Bitcoin holdings.