Bitcoin (BTC) Exchange-Traded Funds (ETFs) See Third Day of Outflows as ETH ETFs Post Modest Recovery

Spot Bitcoin exchange-traded funds in the U.S. witnessed their third consecutive day of outflows on Oct. 10, while spot Ethereum ETFs posted a modest but positive turnaround after a day of inactivity.

Spot Bitcoin exchange-traded funds in the U.S. saw their third day in a row of outflows on Oct. 10, while spot Ethereum ETFs posted a modest but positive turnaround after a day of inactivity.

Data from SoSoValue shows that the 12 spot Bitcoin ETFs registered total outflows of $120.76 million on Oct. 10, a significant increase from the previous day’s outflows of $40.56 million.

Fidelity’s FBTC ETF led the wave of Bitcoin ETF outflows, with $149.5 million exiting the fund after a day of zero net flows. Other major funds followed suit, with ARK and 21Shares’ ARKB seeing outflows of $30.30 million and Bitwise’s BITB shedding $6.16 million.

Even BlackRock’s IBIT, the largest Bitcoin ETF by net assets, broke its five-day inflow streak with an outflow of $10.83 million, reflecting a broader cooling of investor appetite for Bitcoin exposure.

Grayscale, another key player in the ETF space, saw both its GBTC and Grayscale Bitcoin Mini Trust log outflows of $18.52 million and $21.16 million, respectively. However, six other Bitcoin ETFs remained neutral, neither contributing to the outflows nor seeing fresh investor interest.

fears drove sell-off, liquidations

The surge in BTC outflows coincided with a 3% drop in Bitcoin’s (BTC) price, which hit a three-week low of $58,900 before recovering slightly to $60,602. The drop followed unexpected U.S. inflation data that sparked fears once again of the Federal Reserve pausing interest rate cuts, adding pressure to the crypto market.

This decline also saw $198.6 million in liquidations across the market, affecting over 59,000 traders, according to data from Coinglass. Of those liquidations, Bitcoin’s long positions accounted for $53.3 million, while Ethereum traders lost $31.6 million in the same period.

As the sell-off progressed, fear grew throughout the crypto market. The closely-watched Crypto Fear and Greed Index dropped to 32, marking its lowest level since mid-September and placing the market sentiment firmly in the “fear” zone.

Ethereum ETFs気味がいい modest inflows as BTC trends down

In contrast to Bitcoin, spot Ethereum ETFs saw a small but noteworthy uptick. Nine spot Ethereum ETFs recorded net inflows of $3.06 million on Oct. 10, reversing a prior day of zero net flows.

BlackRock’s ETHA led the way, attracting $17.85 million in fresh capital. Grayscale’s Ethereum Mini Trust followed with inflows of $3.34 million, marking its first positive flows since September 27.

However, these gains were partially offset by outflows from Grayscale’s ETHE, Bitwise’s ETHW, and Fidelity’s FETH, which saw redemptions of $10.37 million, $4.23 million, and $3.54 million, respectively. Four other Ethereum ETFs remained neutral, contributing neither inflows nor outflows.

At the time of writing, Ethereum (ETH) is trading at $2,414, moving sideways in a market that is largely being dictated by Bitcoin’s volatility.

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