As we step into October 2024, the cryptocurrency markets have experienced a significant shift, particularly in spot Bitcoin ETFs. These investment vehicles, which have been popular among both institutional and retail investors, are facing net outflows for the third consecutive day. As of October 3, the cumulative withdrawals over this short period have reached an astonishing $361.2 million.
U.S.-Listed Spot Bitcoin ETFs Experience Consecutive Outflows
Data from SoSoValue reveals that 12 U.S.-listed spot Bitcoin ETFs recorded net outflows of $54.13 million on Thursday, October 3. This came on the heels of a $91.76 million withdrawal just the day before. The trend suggests a cautious sentiment among investors, as macroeconomic factors and market fluctuations continue to impact their outlook on Bitcoin.
Leading the outflow was ARK 21Shares’ ARKB fund, which witnessed a massive $57.97 million in withdrawals. This marked the fourth straight day of outflows from the fund, bringing the total amount to $212.1 million for the week alone. Fidelity’s FBTC followed closely with $37.21 million in net outflows, despite seeing positive inflows earlier in the week.
On the other hand, BlackRock’s IBIT, the largest spot Bitcoin ETF by net assets, stood out by attracting $35.96 million in fresh inflows. Since its launch, IBIT has amassed a whopping $21.5 billion in assets, a testament to its popularity even amidst the recent sell-off trend.
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Modest Inflows for Other ETFs
While ARKB and FBTC led the outflows, other spot Bitcoin ETFs saw more modest movements. Bitwise’s BITB and Invesco’s BTCO both recorded small inflows of $2.65 million and $2.44 million, respectively. Other funds in the space remained neutral, with no notable movement for the day.
Despite the outflows, Bitcoin ETFs have seen a net inflow of $18.47 billion since their inception, indicating a long-term bullish outlook among investors. However, total trading volume across the 12 ETFs dropped significantly to $1.13 billion on October 3, compared to higher activity in previous days. This decline in trading volume aligns with the broader market’s current cautious tone.
At the time of this report, Bitcoin was trading sideways at $61,213, showing a 2.2% gain despite the ETF withdrawals.
Ethereum ETFs Join the Outflow Trend
The outflow pattern wasn’t limited to Bitcoin. U.S.-listed spot Ethereum ETFs also logged $3.2 million in net outflows on October 3. Grayscale’s ETHE fund was the primary contributor, with a hefty $14.69 million exiting the fund. Fidelity’s FETH saw $587,090 in outflows as well.
Interestingly, BlackRock’s Ethereum Trust (ETHA) offered a silver lining by bringing in $12.08 million in inflows, helping counterbalance the losses. This indicates that while there is broader caution in the market, some investors still view Ethereum as a valuable long-term asset.
Ether ETF trading volumes mirrored the Bitcoin ETF trend, falling sharply to $115.66 million from $197.82 million the previous day. Since their launch in July, Ethereum ETFs have seen net outflows of $561.05 million, reflecting the challenges Ethereum is facing as the crypto market navigates macroeconomic uncertainties.
At the time of writing, Ethereum was trading at $2,381, a slight gain of 2.13%.
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What’s Next for Crypto ETFs?
Despite recent outflows, the overall performance of Bitcoin and Ethereum ETFs has been strong throughout 2024. Investors are likely reacting to short-term market conditions, but the long-term inflow trends suggest that interest in these assets remains high.
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Conclusion
The recent outflows from Bitcoin and Ethereum ETFs reflect a cautious stance among investors, but with the continued strength of some funds like BlackRock’s IBIT and ETHA, the market remains robust overall. Crypto ETFs are still a favored option for long-term holders, especially as Bitcoin and Ethereum navigate fluctuating market conditions.
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Disclaimer: The information provided in this article does not constitute investment advice, financial advice, trading advice, or any other advice, and should not be treated as such. Coin Push Crypto Alerts does not recommend buying, selling, or holding any cryptocurrency. Always conduct your due diligence and consult a financial advisor before making any investment decisions.
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