Spot Bitcoin exchange traded funds experienced significant outflows on October 1, ending their eight day inflow streak as Bitcoin fell under $62,000 amid increasing tensions in the Middle East.
As per data SoSoValue reported that the 12 Bitcoin ETFs have seen net outflows totaling $242.53 Million, ending an inflow streak which had brought them to a record high. $1.42 billion In the last eight days, these funds have seen a significant increase in their value. It was the biggest daily withdrawal since September 3 when Bitcoin ETFs lost $288,000,000.
The funds are divided into two categories: FidelityARK 21Shares ARKB saw an outflow of $84.3 Million. FBTC, a product from’s FBTC, was the second largest with 144.7 M$. VanEck HODL, Bitwise BITB, and Bitwise BITB all experienced significant outflows. The two funds lost respectively $32.7 million and $15.6 million. Grayscale Bitcoin Trust, however, saw a much smaller decline, falling by only $5.9 million.
No outflows were recorded in the spot Bitcoin ETFs.
Even with the recent outflows of funds, the trading volume for the 12 Bitcoin ETFs has risen, and reached $2.53bn on 1st October. These funds have received a total net of 18.62 billion dollars since their launch. This shows that interest has been sustained despite the recent volatility.
Closely monitored were the sharp withdrawals of Bitcoin ETFs. tied to geopolitical events. Bitcoin (BTCThe price of, fell by over 3.7% in less than 24 hours. It hit a low of $60,315 for two weeks before rebounding up to $61,500 as of the writing.
As reflected by the Crypto Fear and Greed Index, this decline in Bitcoin’s price coincided with a shift of market sentiment. This index dropped From a neutral level of 50, to 42 fear levels, this indicates a growing caution among investors in response to increased geopolitical threats.
Also, spot Ether-based ETFs see outflows
While U.S. Ether ETFs continue to be impacted by outflows with a combined total of $48.52 million Leaving these products after Oct. 1 Grayscale’s Ethereum Trust was the most popular, losing $26.6 million. Fidelity Ethereum Trust lost $25 million.
Bitwise’s ETHW had a smaller outflow of $895.65K. Spot Ether ETFs were all neutral today.
On Oct. 1, Ether-based ETFs saw their trading volumes increase to $290 Million, up from $147.9 Million the day before. These products have seen a cumulative outflow of $572.31 millions since their launch.
Ethereum was (at the time of publishing) a currency.ETHThe broader crypto market was under pressure due to geopolitical tensions and investor unease.
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Source: crypto.news
