Bitcoin and Ethereum ETFs witness simultaneous outflow day
Spot Bitcoin ETFs in the U.S. ended their streak of inflows on October 8, experiencing negative flows for the day. Similarly, spot Ether ETFs also recorded outflows following a day of stagnation.
According to data from SoSoValue, the 12 spot Bitcoin ETFs saw a total of $18.66 million in net outflows, indicating a potential shift in investor sentiment during a broader market slowdown. This decline comes after these funds attracted an impressive $260.78 million in inflows over the previous two days.
Fidelity’s FBTC and Grayscale’s GBTC were the most affected by the outflows. Fidelity’s Bitcoin ETF saw $48.82 million exiting the fund on October 8, in contrast to the previous trading day when it received the highest inflows among all spot Bitcoin ETFs, gaining $103.7 million. Grayscale’s Bitcoin Trust also added to the negative trend, experiencing $9.41 million in outflows after a day of no recorded activity. Since its launch, GBTC has witnessed cumulative outflows of $20.15 billion, contributing significantly to the sector’s overall negative momentum.
Despite the widespread outflows, BlackRock’s IBIT, the largest Bitcoin ETF by assets under management, stood out by registering positive flows on the day. IBIT attracted $39.57 million in inflows, partially offsetting the overall negative trend.
The remaining nine spot Bitcoin ETFs remained neutral, with no recorded inflows or outflows on October 8. However, total trading volume across all Bitcoin ETFs surged to $1.35 billion, a significant increase from the previous day. Cumulatively, U.S. spot Bitcoin ETFs have attracted a net total of $18.72 billion since their inception.
At the time of reporting, Bitcoin (BTC) was trading sideways at $62,230, which may have contributed to investors’ hesitation in further engaging with these funds.
Spot Ethereum ETFs followed Bitcoin’s downtrend, with outflows recorded across the market. The nine spot Ether ETFs saw net outflows of $8.19 million on October 8, following a day of neutral activity.
Fidelity’s FETH and Bitwise’s ETHW were the most affected, experiencing outflows of $3.65 million and $4.54 million, respectively. The remaining seven Ethereum ETFs reported no significant activity, maintaining zero flows.
In addition to the outflows, trading volume for Ethereum ETFs significantly dropped to $102.37 million from $118.43 million the previous day. The spot Ether ETFs have witnessed a cumulative net outflow of $561.85 million since their introduction, reflecting persistent investor caution in the Ether market.
At the time of publication, Ethereum (ETH) was trading at $2,434.
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