Crypto ETF Market Faces Outflow Pressure, Fidelity Ethereum ETF Records Largest
Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in...
The crypto ETF market got hit again, with over $290 million in combined outflows from U.S. spot Bitcoin (BTC) and Ethereum (ETH) ETFs on October 1, 2024.
This comes amid escalating geopolitical tensions in the Middle East, leading to sharp declines in both Bitcoin and Ethereum prices.
According to SoSoValue data, the bulk of the outflows were concentrated in Bitcoin ETFs, which saw $242.53 million in withdrawals, while Ethereum ETFs recorded $48.52 million in outflows.
Bitcoin ETFs faced significant outflow pressure, with over $240 million withdrawn from several major funds.
Fidelity’s Wise Origin Bitcoin Fund (FBTC) led the exits, which saw $144.67 million in net outflows, marking its largest day of losses in recent history.
This is a big difference compared to the past week, during which Bitcoin ETFs had amassed over $1 billion in net inflows.
The ARK 21Shares Bitcoin ETF (ARKB) followed closely behind, shedding $84.35 million.
BingX and VanEck’s Bitcoin ETF (HODL) also saw notable outflows, with $32.7 million and $15.75 million, respectively, leaving their funds.
Meanwhile, Grayscale’s Bitcoin Trust (GBTC) recorded a more modest outflow of $5.9 million.
Interestingly, the only Bitcoin ETF to post positive net inflows was BlackRock’s iShares Bitcoin Trust (IBIT), which secured $40.84 million on the day, making it the best-performing BTC ETF in the market, with over $21.54 billion in cumulative net inflows.
The sudden shift in investor sentiment coincided with a sharp decline in Bitcoin prices, which fell roughly 4% to around $60,000
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