Massive net outflows were detected from spot Bitcoin ETFs on October 10, totaling $120.76 million without any inflows, causing concern within the cryptocurrency market as holders reconsider their positions.
Blackrock’s Bitcoin ETF, IBIT, experienced an outflow of $10.83 million, while Grayscale’s GBTC saw $18.52 million withdrawn, and Fidelity’s FBTC faced outflows of $33.79 million. The ARKB ETF, offered by Ark and 21Shares, recorded an outflow of $30.30 million, and Bitwise’s BITB had $6.16 million withdrawn. Additionally, Grayscale’s mini Bitcoin ETF, BTC, noted a $21.16 million outflow, leading to a decrease in the total net asset value of spot Bitcoin ETFs to $55.15 billion.
The causes behind these massive outflows are subject to various opinions, with some attributing the trend to uncertainties in the U.S. economy and volatility in global financial markets.
In contrast, spot Ethereum ETFs saw a net inflow of $3.06 million on the same date, showcasing a different trend compared to Bitcoin ETFs. Blackrock’s ETH ETF saw a significant inflow of $17.85 million, and Grayscale’s mini ETH ETF recorded an inflow of $3.34 million. However, Grayscale’s ETH ETF registered an outflow of $10.37 million, Fidelity’s ETH ETF had $3.54 million pulled out, and Bitwise’s ETH ETF experienced an outflow of $4.23 million, resulting in a total net asset value of spot Ethereum ETFs of $6.46 billion.
The recent activity in spot ETFs has drawn significant attention in the cryptocurrency market, with experts emphasizing that interest from investors in such products will likely continue in the short term, and that decisions made by institutional investors could have a major impact on the market.
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Disclaimer: The information in this article does not constitute investment advice. Investors should be aware of the high volatility and risk associated with cryptocurrencies and conduct their own research.
