As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of market ebbs and flows. Today, I find myself analyzing the latest trends in Bitcoin and Ethereum ETFs, and it’s an interesting sight to behold.
On October 8th, Bitcoin ETFs in the United States ended a two-day streak of inflows by experiencing outflows instead. Similarly, Ether ETFs saw outflows following a day of no change.
As an analyst, I’ve observed a noteworthy development from SoSoValue’s data: Over the past day, Bitcoin ETFs occupying the 12th spot have experienced net withdrawals amounting to $18.66 million. This trend suggests a possible change in investor attitudes, potentially influenced by the broader market’s slowdown. Interestingly, just two days prior, these same funds managed to draw in an impressive $260.78 million.
Fidelity’s FBTC and Grayscale’s GBTC lead outflows
On October 8th, there was an outflow of approximately $48.82 million from Fidelity’s Bitcoin ETF, which is quite different from the significant inflow it experienced the day before, when it saw the highest gains among all spot Bitcoin ETFs to the tune of $103.7 million.
Yesterday, Grayscale’s Bitcoin Trust, a significant player in the Bitcoin ETF market, contributed to the downward trend. Following a day of no transactions, there were $9.41 million in withdrawals from GBTC, marking another tough day for the trust. Since its launch, GBTC has seen a total outflow of $20.15 billion, which has significantly impacted the overall negative movement within the sector.
On a day when many ETFs experienced withdrawals, BlackRock’s IBIT, the largest Bitcoin ETF by managed assets, was unique in recording inflows. A total of $39.57 million flowed into IBIT, helping to counterbalance the general downward trend.
On October 8th, the nine Bitcoin ETFs that are still available didn’t show any signs of change, with no money moving in or out. However, the overall trading volume for all Bitcoin ETFs jumped significantly to $1.35 billion, compared to the day before. Since their launch, U.S. spot Bitcoin ETFs have collectively attracted a total of $18.72 billion.
As I speak, Bitcoin (BTC) was maintaining a steady course, staying around the $62,230 mark. This price point might have caused some uncertainty among investors, leading them to pause before investing more in these funds.
Spot Ethereum ETFs follow Bitcoin’s downtrend
On October 8th, Ethereum ETFs followed Bitcoin’s lead in terms of performance, resulting in withdrawals throughout the market. Specifically, the nine Ethereum ETFs experienced net withdrawals totaling $8.19 million, after a day of relatively stable activity.
Among all the Ethereum ETFs, Fidelity’s FETH and Bitwise’s ETHW experienced the largest withdrawals, totaling approximately $8.19 million and $4.54 million respectively. The remaining seven Ethereum ETFs showed no substantial activity, keeping their inflows at zero.
Besides the decrease in outflows, the trading volume for Ethereum ETFs decreased substantially, going from $118.43 million to $102.37 million the day before. Since their debut, these Ether ETFs have seen a total net outflow of $561.85 million, suggesting that investors remain cautious about the Ether market.
At the time of publication, Ethereum (ETH) was exchanging hands at $2,434.
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2024-10-09 11:12