On October 10, the cryptocurrency market witnessed notable financial shifts as Bitcoin ETFs experienced significant outflows amounting to $120.76 million. These withdrawals occurred without any compensatory inflows, prompting investors to reconsider their strategies in the cryptocurrency landscape.
Which Funds Faced the Most Withdrawals?
Several prominent funds contributed to this decline. Blackrock’s Bitcoin ETF, IBIT, saw an outflow of $10.83 million, while Grayscale’s GBTC faced a $18.52 million withdrawal. Fidelity’s FBTC reported outflows of $33.79 million, and ARKB, managed by Ark and 21Shares, lost $30.30 million. The overall net asset value of Bitcoin ETFs dropped to $55.15 billion, a reflection of the current market’s uncertainty and volatility.
What About Ethereum ETFs?
In contrast, spot Ethereum ETFs attracted a net inflow of $3.06 million on the same day. Blackrock’s ETH ETF led with inflows of $17.85 million, while Grayscale’s mini ETH ETF gained $3.34 million. Despite some outflows from Grayscale’s ETH ETF and others, the total net asset value for Ethereum ETFs stands at $6.46 billion.
- Bitcoin ETFs recorded $120.76 million in net outflows.
- Blackrock’s and Grayscale’s funds were major contributors to these withdrawals.
- Ethereum ETFs showed a contrasting trend with $3.06 million in inflows.
- Investor sentiment appears to be swayed by broader economic uncertainties.
The fluctuations in the cryptocurrency ETFs have captured considerable attention, with experts predicting sustained interest from investors, particularly from institutions that could significantly influence the market moving forward.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/bitcoin-etfs-suffer-major-withdrawals-while-ethereum-grows