U.S. spot Bitcoin exchange-traded funds (ETFs) experienced a sharp downturn, recording $242.53 million in outflows, ending an eight-day streak of consistent losses.
The outflows on October 1st have sparked concern in the market, with only BlackRock’s iShares Bitcoin Trust (IBIT) seeing positive inflows. Meanwhile, Ethereum ETFs also witnessed a challenging start to the month with significant outflows.
BlackRock’s IBIT ETF stands out with positive inflows
Among the turbulence, BlackRock’s IBIT ETF has emerged as the sole Bitcoin fund to register net inflows. On October 1st, the fund brought in $49.84 million, boosting its cumulative inflow to $21.54 billion. Despite the positive inflows, the figure decreased from the $72.2 million recorded September 30th. Nonetheless, IBIT has sustained seven consecutive days of positive flows since September 23rd, demonstrating resilience amidst the broader ETF market downturn.
Source: Sosovalue
In contrast, other major Bitcoin ETFs suffered significant outflows. Fidelity’s FBTC fund experienced the highest outflow of $144.67 million, a sharp reversal from its $8.3 million inflows the previous day. Ark & 21Shares’ ARKB followed with $84.35 million in outflows, while Bitwise’s BITB saw $32.70 million leave the fund. VanEck’s HODL ETF recorded $15.75 million in outflows, and Grayscale’s GBTC registered $5.90 million in negative flows.
Several other Bitcoin funds reported no inflows or outflows on the same day, including Grayscale’s BTC, Valkyrie’s BRRR, and Invesco’s BTCO. The net assets under management for all Bitcoin ETFs account for 4.77% of Bitcoin’s market cap, estimated at $57.36 billion.
Ethereum ETFs extend outflow streak
Ethereum ETFs continued their trend of outflows, losing $48.52 million on October 1st, marking two consecutive days of negative flows. The cumulative net outflows for Ethereum ETFs have now reached $572.31 million. The total value of trades involving Ether ETFs on October 1st was $290.81 million.
Despite the general downturn, two Ethereum funds recorded positive inflows. VanEck’s ETHV ETF attracted $2.74 million in inflows, while 21Shares’ CETH fund saw $1.25 million. However, the largest outflow came from Grayscale’s ETHE, which lost $26.64 million. Fidelity’s FETH fund followed closely behind with $24.97 million in outflows. Bitwise’s ETHW ETF recorded the most negligible outflow, amounting to $895.65k.
No significant activity was reported for other major Ethereum funds, including BlackRock’s ETHA, Grayscale’s ETH, Franklin’s EZET, and Invesco’s QETH. Fidelity’s FETH remains the leading Ethereum ETF in cumulative net inflows, holding $453.67 million, followed by Bitwise’s ETHW, with $325.78 million in net inflows.
Market Overview
As of October 1st, Bitcoin ETFs hold $18.62 billion in cumulative net inflows, while Ethereum ETFs account for 2.31% of Ether’s market cap, valued at $6.81 billion. The rocky start to October for Bitcoin and Ether ETFs has raised questions about market stability, with investors watching closely for further developments.