In the volatile market of cryptocurrency, U.S.-based spot ETFs for Ethereum and Bitcoin witnessed contrasting movements of capital on October 2. As per Spot On Chain, a popular on-chain analytics provider, the divergent flows of Bitcoin and Ethereum highlight the current tug-of-war between the market trends and the investors. The analytics platform took to its official social media account to offer details about these flows.
Bitcoin ETFs Incur an Enormous Loss of $92M, Denoting a Downturn for 2nd Consecutive Day
In its recent X post, Spot On Chain noted that Bitcoin ETFs saw a substantial outflow of up to $92M, continuing a downward spree for the 2nd consecutive day. Keeping that in view, the Bitcoin ETF sector is going through a challenging time as 4 out of 5 prominent Bitcoin ETFs experienced outflows on the 2nd of October. The biggest outflow hit ARK 21Shares ($ARKB), which went through a massive loss of $60.3M.
Grayscale ($GBTC) followed it with an outflow of nearly $27.3M. Additionally, the $IBIT ETF of BlackRock and $BITB of Bitwise also losses, with $14M and $11.5M in outflows respectively. $FBTC of Fidelity emerged as the only Bitcoin ETF that recorded a positive flow although a modest one. It effectively added $21.1M. Irrespective of this, the general sentiment concerning $BTC ETFs has maintained a negative outlook. Investors are reacting to the wider market uncertainties.
Ethereum ETFs See Positive Flows With the Inclusion of $14.9M
On the other hand, $ETH ETFs had witnessed a relatively supportive outcome, with a cumulative inflow of almost $14.9M. BlackRock’s $ETHA made the most noteworthy contribution with an influx of approximately $18.5M. In addition to this, $1.8M flowed into Franklin’s $EZET. This indicates a rising interest in $ETH ETFs. Notably, the rest of the major players like Fidelity, 21Shares, and VanEck recorded no activity. Grayscale’s $ETHE added $5.4M.
Though Ethereum is struggling to recover its price from the recent dip, the current positive flows signify the confidence of investors in the long-term potential of $ETH. However, Bitcoin is currently going through more sudden headwinds, especially in the ETF sector. While the crypto industry keeps evolving, the divergent flows of $Ethereum and $Bitcoin are worth watching for the potential consequences.
Source: https://blockchainreporter.net/bitcoin-etfs-bleed-92m-ethereum-sees-a-14-9m-boost-on-2nd-october/