On October 10, a notable withdrawal of $120.76 million was recorded from spot Bitcoin exchange-traded funds (ETFs), sparking renewed scrutiny within the cryptocurrency market. The absence of inflows has prompted investors to reevaluate their holdings in these financial instruments.
Which Funds Experienced Major Withdrawals?
Among the affected funds, Blackrock’s Bitcoin ETF, IBIT, saw $10.83 million exit, and Grayscale’s GBTC faced a withdrawal of $18.52 million. Fidelity’s FBTC experienced outflows totaling $33.79 million, while Ark and 21Shares’ ARKB ETF recorded $30.30 million in outflows. Grayscale’s mini Bitcoin ETF, BTC, also witnessed a significant outflow of $21.16 million.
What Trends Are Emerging in Ethereum ETFs?
In contrast, spot Ethereum ETFs experienced a net inflow of $3.06 million on the same day. Notably, Blackrock’s ETH ETF attracted $17.85 million, and Grayscale’s mini ETH ETF saw $3.34 million added. Despite this, Grayscale’s ETH ETF recorded an outflow of $10.37 million, leading to a total net asset value for Ethereum ETFs of $6.46 billion.
- Spot Bitcoin ETFs total net asset value fell to $55.15 billion.
- Market volatility and U.S. economic uncertainties were cited as potential causes for the outflows.
- Investors remain interested in spot ETFs, especially given the contrasting trends between Bitcoin and Ethereum funds.
Recent outflows from Bitcoin ETFs illustrate a critical shift in market sentiment, underscoring the potential influence of institutional investor decisions on future trends. Analysts suggest that the current trends warrant close observation as the cryptocurrency landscape evolves.