On the 8th of this month, Bitcoin and Ethereum spot exchange-traded funds witnessed noteworthy outflows, indicating the current market volatility. As per the latest statistics from SoSoValue, an all-inclusive financial research forum for crypto, Bitcoin recorded a cumulative net outflow of up to $18.66M while Ethereum spot ETFs experienced an outflow of nearly $8.19M.
Bitcoin ETFs See $18.66M in Outflows, with $FBTC Solely Accounting for $48.28M
In line with the data, Bitcoin spot ETFs showed mixed behavior from diverse providers. Interestingly, the $FBTC ETF of Fidelity saw a substantial withdrawal of $48.82M, contributing to the wider negative flow. Contrarily, the $IBIT ETF of BlackRock recorded $39.57M in inflows. This signifies that a few investors are still optimistic irrespective of the overall downturn. Irrespective of the respective mixed signals, Bitcoin spot ETFs have effectively added $18.72B in cumulative inflows on October 8.
Ethereum ETFs See $8.19M in Cumulative Outflows
Ethereum spot ETFs also expressed a similar turbulent scenario with their net outflow reaching $8.19M. The $ETHW ETF of Bitwise stands among the exchange-traded funds with significant movements. It recorded $4.54M in a cumulative outflow. However, $FETH ETF of beheld a slight outflow, accounting for $3.65M. On the other hand, a few ETFs like $ETHA of BlackRock, maintained a comparatively stable position without any significant outflows.
The ETF Sector Experiences Mixed Behavior Throughout the Week
Throughout the week, Bitcoin ETFs witnessed a net inflow of $216.53M. Additionally, $BTC ETFs witnessed positive flows for 3 days. In the case of Ethereum ETFs, the weekly net flow went negative to -$8.19M. During the whole week, ETH ETFs recorded positive flows just on 2 days. Nonetheless, on October 7, no funds flowed into Ethereum ETFs.
These outflows from Ethereum and Bitcoin spot ETFs mirror the wider market struggle amid the volatility. With substantial amounts of assets linked to these exchange-traded funds, the market’s further developments will potentially be impacted by external economic conditions and investor sentiment.
