As a seasoned analyst with years of experience navigating the volatile cryptocurrency market, these recent trends in Bitcoin and Ethereum exchange-traded funds (ETFs) have piqued my interest. The consistent outflows from spot Bitcoin ETFs, totaling $361.2 million over three days, suggest a shift in investor sentiment towards the world’s largest cryptocurrency.
On October 3rd, Bitcoin-based exchange-traded funds saw a third straight day of investors withdrawing their money, amounting to a total of $361.2 million withdrawn over that period.
Based on information from SoSoValue, there were withdrawals totaling $54.13 million from the 12 U.S.-listed Bitcoin ETFs that trade on the spot market on October 3rd, a day after a net withdrawal of approximately $91.76 million the previous day.
21Shares’ ARKB fund experienced the highest outflows at approximately $57.97 million, marking its fourth straight day of decreases. This week, a total of $212.1 million has left the fund. Fidelity’s FBTC came in second with outflows totaling $37.21 million, even though it had positive inflows earlier in the week.
In a departure from the general trend, BlackRock’s IBIT, the biggest spot Bitcoin ETF in terms of total net assets, recorded inflows worth $35.96 million this time, pushing its cumulative total since its debut to a staggering $21.5 billion.
The investment products from Bitwise (BITB) and Invesco (BTCO) saw moderate increases in investments totaling approximately $2.65 million and $2.44 million each. Other Bitcoin ETFs maintained a balanced position for the day.
On October 3, the combined trading volume for the 12 Bitcoin ETFs noticeably dropped to approximately $1.13 billion, compared to the previous day’s figures. However, despite recent outflows, these funds have collectively amassed a total inflow of $18.47 billion since they were first launched. Simultaneously, at the time of reporting, Bitcoin (BTC) was holding steady around $61,213.
Spot Ether ETFs log $3.2m in outflows
The withdrawal trend also impacted U.S.-based Ethereum ETFs, resulting in a daily net drain of approximately $3.2 million. Grayscale’s ETHE was the largest contributor to these withdrawals, with about $14.69 million being taken out, while Fidelity’s FETH followed closely with an exit of around $587,090.
On the other hand, the BlackRock Ethereum Trust ETHA saw an increase, recording $12.08 million in net inflows. The other six Ethereum ETFs in circulation did not see any changes on that particular day.
Trading volumes for Ethereum ETFs dropped significantly on October 3, amounting to only $115.66 million compared to the previous day’s volume of $197.82 million. Since their launch in July, these ETFs have experienced a total outflow of $561.05 million. At the moment of press, Ethereum (ETH) was being traded at approximately $2,381.
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2024-10-04 09:38