U.S. spot bitcoin and ethereum ETFs see major outflows, with $54.13 million pulled from bitcoin ETFs and $3.2 million from ethereum funds, highlighting growing market concerns.
Bollywoodfever: The U.S. spot bitcoin and ethereum exchange-traded funds (ETFs) faced substantial outflows on Thursday, October 3, 2024, as market volatility prompted investors to pull significant amounts from these funds. Spot bitcoin ETFs saw $54.13 million in net outflows, while nine spot ether ETFs experienced $3.2 million in withdrawals.
Spot Bitcoin ETFs See Major Outflows
The 12 U.S. spot bitcoin ETFs collectively faced a loss of $54.13 million in net outflows, reducing cumulative net inflows since January 11 to $18.47 billion. The largest outflows were seen from Ark Invest and 21shares’ ARKB fund, which dropped $57.97 million. Fidelity’s FBTC followed closely, shedding $37.21 million. However, Blackrock’s IBIT fund helped counterbalance the losses, attracting $35.96 million in positive inflows. Bitwise’s BITB fund and Invesco’s BTCO fund also saw positive inflows, securing $2.65 million and $2.44 million, respectively.
The total volume for the day reached $1.13 billion, with the 12 funds now collectively holding $56.31 billion, accounting for 4.69% of bitcoin’s total market capitalization.
Ethereum ETFs Face Outflows After Brief Gains
The nine spot ethereum ETFs weren’t spared either, as they posted a collective loss of $3.2 million on Thursday. This came after a day of gains, driven largely by Grayscale’s ETHE fund, which saw $14.69 million pulled from its holdings. Fidelity’s FETH fund also suffered, losing $587,009. Despite the losses, Blackrock’s ETHA fund managed to pull in $12.08 million in positive inflows, slightly mitigating the overall decline.
Since July 23, the total net outflows from ethereum ETFs now stand at $561.05 million. The funds collectively hold $6.44 billion in ether, representing 2.28% of ethereum’s total market value. Thursday’s trading session saw a total of $115.66 million in volume.
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