US spot bitcoin ETFs took in $175.7 million on Tuesday. On Wednesday, the day the inflation report landed, investors pulled out $261.4 million, Farside's figures show. Fidelity's fund lost $152.7 million and BlackRock's lost $110.9 million.

We flagged these daily figures yesterday because Glassnode calls steady inflows the clearest sign that demand is back. Tuesday was a single day. Over the last seven sessions, from October 6 to October 14, the funds lost $740.2 million on net. The week of October 5 to October 9 was worse, with $678.9 million out and $484.9 million of it on October 7 alone.

A fund that loses money to withdrawals has to sell bitcoin to pay it out, so the outflow is selling pressure. Ether funds lost $129.5 million on Wednesday and $681.5 million over the same seven sessions.

On Thursday, Asian stocks sold off on the inflation news. South Korea's Kospi closed down 7.6% after a 20-minute trading halt, and Japan's Nikkei fell about 5% in morning trading. The Block reported that bitcoin fell below $81,000 and ether dropped 6%. Binance closed more than $106 million of traders' ether bets by force in one hour after the report, the most in six months, CryptoQuant data show.

Bitcoin is $82,267 this morning, up 0.7% in a day, and the Fear & Greed Index has climbed back to 63 from 53.

If you hold bitcoin, the price has bounced and the fund money hasn't followed it yet. Thursday's and Friday's fund figures come out after the US close. A second day of outflows would say the selling isn't over, and a few days of inflows in a row would be the first sign that buyers are back.

Patrick Witt, the White House's crypto adviser, has left the job. A White House official told The Block his "detail has expired" and didn't say who will replace him.

He is the second executive director of the White House crypto council to go. The first, Bo Hines, left in August 2025 for Tether. The Wall Street Journal reported this week that Tether steered "millions of dollars" to a business Hines co-owned while he worked at the White House on the GENIUS Act, the US stablecoin law. The Journal says that business, Nxum, earned $6.3 million. A representative for Hines says he received no Tether money while in government.

The CLARITY Act, the bill that would set US rules for crypto markets, has been stalled since it failed a Senate procedural vote, 49 to 50, on September 15.

MSCI, the company whose stock indexes many funds copy, has finalized rules for companies that mostly hold assets instead of running a business. A simulation it ran in May flagged Strategy and Metaplanet, both big bitcoin holders, for removal and put SharpLink, an ether holder, on a watchlist. MSCI will publish its final list on November 11.

Funds that track an MSCI index would have to sell the shares of any company removed. That wouldn't force the companies themselves to sell bitcoin.

Capital B, a French company that holds bitcoin, reported a first-half loss of €69.5 million ($77.9 million), The Block reported. It holds 3,538 bitcoin bought at an average of $98,460, about 16% above today's price. If you own shares of one of these companies, November 11 is the date to watch.