Bitcoin and Ethereum Exchange-Traded Funds (ETFs) in the United States Experienced Combined Outflows on October 8, 2024

Data from fund analysts and market trackers revealed that spot Bitcoin ETFs recorded a net outflow of $18.58 million, while Ethereum ETFs saw $8.19 million in exits.

Bitcoin and Ethereum exchange-traded funds (ETFs) in the United States saw a combined net outflow on October 8, amid market uncertainty and fluctuating cryptocurrency prices.

Spot Bitcoin ETFs recorded a net outflow of $18.58 million, while Ethereum ETFs saw $8.19 million in outflows.

The Bitcoin ETF market experienced mixed performance, with some funds seeing large outflows and others attracting new investments. Fidelity’s Wise Origin Bitcoin Fund (FBTC) led the outflows, shedding $48.82 million in a substantial single-day outflow. Another major fund, Grayscale’s Bitcoin Trust (GBTC), also saw outflows of $9.41 million.

However, BlackRock’s iShares Bitcoin Trust (IBIT) was the only fund to attract inflows on October 8. IBIT brought in $39.65 million, partially offsetting the outflows from other funds and indicating that some investors are still bullish on Bitcoin. The remaining nine Bitcoin ETFs showed no movement, suggesting that many investors are adopting a wait-and-see approach in the current market climate.

In the Ethereum ETF market, the trend was also negative. Bitwise’s Ethereum ETF (ETHW) recorded the largest outflows at $4.54 million, followed by Fidelity’s Ethereum Fund (FETH) with $3.65 million in outflows. The other seven spot Ethereum ETFs reported no flows, indicating a similar pattern of investor caution.

The outflows come as cryptocurrency prices are showing signs of instability. At the time of reporting, Bitcoin was trading at $62,405, down 0.12% in the past 24 hours. Ethereum, on the other hand, showed a slight gain of 0.48%, trading at $2,450.

The market dynamics suggest that investors may be adjusting their exposure to digital assets or seeking alternative investment opportunities.

The volatility in Bitcoin prices appears to be a key factor influencing investor behavior, leading some to reduce their holdings in crypto-related ETFs.

Bitcoin ETFs now have a net asset value of $57.72 billion, which is 4.68% of Bitcoin’s total market capitalization.

Ethereum ETFs have an NAV of $6.67 billion, which is 2.27% of Ethereum’s market cap. These figures highlight the increasing role of these financial products in providing mainstream investors with exposure to the cryptocurrency market.

Notably, BlackRock’s Bitcoin and Ethereum ETFs have seen strong performance since their launch, with a combined cumulative net inflow of $22.89 billion, showcasing the continued interest in cryptocurrency investments from both institutional and retail investors, despite short-term fluctuations.

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