Bitcoin tokens and Ethereum tokens are testing a crucial support level. Any further decline could open the door to more falls in the coming days. What remains to be seen is if it affects the flows of their respective Spot ETFs. It may not matter with net outflows expected for the next few days. Investors are likely to bank on the dips to explore the territory a bit more.
Spot Bitcoin ETFs registered a cumulative historic net inflow of $18.57 billion as of October 2, 2024, Eastern Time (ET). However, the last flow was negative, worth $52.9 million. BlackRock ended a seven-day streak to register a net outflow for the first time. IBIT was $13.7 million, followed by ARKB for $60.3 million. Grayscale didn’t report any numbers. The only positive flow was from Fidelity’s FBTC worth $21.1 million. Fidelity has, interestingly, one of the highest fees on its ETF.
It carried forward the outward flow for one more day, starting on October 1, 2024, when the number was higher. On October 1, Spot Bitcoin ETFs banked a total outflow of $242.6 million, dominated by Fidelity with a value of $144.7 million.
The first day of October ended an eight-day streak of inflows. The BTC value is testing the $60k support level while exchanging hands at $61,393.62, down by 0.56% in the last 24 hours. It also reflects a drop of 3.64% in the last 7 days and a surge of 4.12% in the last 30 days.
Spot Ether ETFs had a cumulative historic outflow of $552.2 million as of October 02, 2024. October 02 saw a total of $19.8 million in net inflows, breaking the outflow streak of 2 days that happened on September 30 and October 01. BlackRock gained the most as investors injected funds worth $18 million. Franklin reported a figure of $1.8 million after a prolonged period.
BlackRock now has a total inflow of $1.16 billion, followed by Fidelity’s $453.5 million. Grayscale drained the most. ETHE, far from subsiding, now has a total outflow of $2.93 billion. It is sufficient to outperform BlackRock’s efforts. Grayscale was expected to leave behind the negatives in September.
ETH, just like BTC, is testing a crucial support level of $2,300. It is currently exchanging hands at $2,390.56, down by 3.83% in the last 24 hours, at the time of writing this article. According to the Ethereum price prediction, Experts predict that Ether will surpass the mark of $3,000 by the end of October 2024, paving the way for the next milestone of $4k.
Almost every day, Spot Bitcoin ETFs and Spot Ether ETFs see trends flying in the opposite direction. Grayscale remains a common factor, with constant outflows and rising selling pressure for investors.
Source: https://www.cryptonewsz.com/reviewed-btc-and-eth-etfs-inflows-outflows-as-of-oct-2-2024-et/