Total Outflows from Bitcoin and Ethereum Spot ETFs
Date: 2024-10-09 Author: Oliver Abernathy Categories: CRYPTO PAYMENTS
According to SoSoValue, 12 Bitcoin spot ETFs saw net outflows of $18.66 million, which may indicate a shift in investor sentiment amid the overall market slowdown. The decline came after these funds attracted $260.78 million over the previous two days.
Outflows from Fidelity ETFs and Grayscale Trust
The Fidelity ETF bore the brunt of the outflows, with $48.82 million being withdrawn on October 8. This is a stark contrast to the previous trading day, when FBTC saw the largest inflows of all Bitcoin spot ETFs, attracting $103.7 million.
Grayscale also added to the negative trend. After a day of inactivity, GBTC saw outflows of $9.41 million, continuing its difficult period. Since GBTC’s launch, it has seen a total of $20.15 billion in outflows, making it a significant contributor to the overall negative trend in the market.
Despite the large-scale outflows, BlackRock’s IBIT ETF, the largest by assets under management, stood out as the only fund to see inflows on the day. IBIT attracted $39.57 million, partially offsetting the overall negative trend.
The remaining nine Bitcoin spot ETFs were unchanged, with no inflows or outflows on October 8. However, the total trading volume across all Bitcoin spot ETFs increased sharply to $1.35 billion, up significantly from the previous day. Since launch, US Bitcoin spot ETFs have attracted a total of $18.72 billion.
At press time, Bitcoin remained stable at $62,230, a level that could be causing investors to hesitate to continue investing in these funds.
Ethereum spot ETFs see outflows
Ethereum spot ETFs followed Bitcoin’s trend by also seeing outflows. Nine Ethereum spot ETFs saw net outflows of $8.19 million on October 8, after a flat day.
Fidelity’s FETH and Bitwise’s ETHW were the biggest losers, with $3.65 million and $4.54 million being withdrawn, respectively. The remaining seven Ethereum ETFs saw little activity and remained unchanged.
Aside from the outflows, trading volume in Ethereum spot ETFs fell sharply, falling to $102.37 million from $118.43 million the previous day. Since their launch, Ethereum spot ETFs have seen a cumulative net outflow of $561.85 million, reflecting continued investor caution in the Ethereum market.
At press time, Ethereum was trading at $2,434.
