The US Government Shutdown ended today, and US Bitcoin Exchange-Traded Funds (ETFs), which track spot Bitcoin, saw an outflow of $866 million. BTC fell to its lowest level in six months, and investors are now concerned about the market structure. Bitfarms has announced that it is leaving Bitcoin mining to focus on AI and Grayscale has filed for an IPO in the US.
Bitcoin ETFs lose $866 Million in the second worst day ever, but analysts are still bullish
Bitcoins and cryptocurrency-linked funds are in high demand continued to decline ThursdayEven though the US shutdown of 43 days is over, the situation remains tense.
US spot BitcoinBTCThe net outflows of ETFs were $866 Million on Thursday. This is the second worst day in history after $1.14 Billion on February 25, 2025. according Farside Investors
Investors have not been able to revive their appetite for Bitcoin ETFs after the US Government shutdown of 43 days.
These $866 millions were withdrawn a day following President Donald Trump signed A government funding bill was passed on Wednesday. This bill will provide funding up until the end of 2026.
Crypto investors are worried about the lack ETF demand, because these funds, together with Michael Saylor’s Strategy, were primary factors in driving Bitcoin’s explosive growth by 2025.
Ki Young Ju is the founder and CEO, CryptoQuant. He says that Bitcoin’s bull run will not end until its price drops below $94,000 or the average purchase cost of those who have bought Bitcoin over the past 6-12 months.
“Personally, I do not think the bear cycle is confirmed unless we lose that level. I would rather wait than jump to conclusions,” Written Ju on a Friday post.
Bitfarms shift focus to AI after reducing bitcoin mining
Bitfarms has announced that they will be shutting down their Bitcoin (BTC( Mining Operations) over the next two years and convert them to artificial intelligence The company’s third-quarter losses were even greater.
In December 2026, the company expects to complete its conversion of an 18-megawatt Bitcoin site in Washington. After that, the company will wind down all of its Bitcoin mines in 2026 and 2027.
Ben Gagnon, CEO of Bitfarms, said that the conversion to AI support was a major part of Bitfarms’ site. “could potentially produce more net operating income than we have ever generated with Bitcoin mining.”
He informed investors in the company’s third quarter earnings call. “the best opportunity for most miners in the United States, really, is this transition to HPC and AI” Bitcoin mining has become more competitive, as the number of miners is increasing. “go to cheaper locations, higher-risk locations, more remote locations” Comparing AI Data Centers
It comes as Bitfarms’ stock dropped nearly 18% on Thursday after reporting a net loss of $46 million in Q3 compared to losses of $24 million a year ago. The revenue of the company increased 156% on a year-over-year basis to $69 millions, but analysts’ estimates were off by more than 16%.
Asset manager Grayscale files for US IPO
Grayscale Investments specializes as an asset manager in digital assets. has filed a registration statement As part of the public offering process on US stock markets.
Grayscale filed a filing on Thursday with the US Securities and Exchange Commission. said The company said it would list Class A shares on the New York Stock Exchange with the ticker code GRAY. The company stated that it would decide the price of its first share. “through a directed share program” Grayscale Bitcoin Trust ETF & Grayscale Ethereum Trust ETF offers investors a range of investment options.
Form S-1 had been filed, but the filing wasn’t yet complete. According to the SEC approval record, the process could take weeks or months for the SEC to approve the Form S-1 and allow the asset management company to begin listing its shares.
Grayscale has filed its filing on the first of the SEC’s expected days. return to normal operations After a 43 day government shutdown. Despite the fact that companies had the ability to file while SEC staff was limited, they were unlikely to be able move forward on approvals for IPOs or other investment vehicles.
Four months later, the SEC filed a public filing. Grayscale had filed confidentially For an IPO. Data in the registration state shows that the asset manager has reported a net loss of $20 million over the past year, from $223.7 to $203.3 in September 2025.
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Source: cointelegraph.com
