Bitcoin ETFs Record Disastrous Outlfows

According to the data provided by SoSoValue, Bitcoin exchange-traded funds (ETFs) recorded a total of $471 million worth of outflows on Oct. 29.

Meanwhile, spot Ethereum ETFs also bled $81.4 million worth of funds. 

Intense fear 

According to the “Fear  & Greed” sentiment indicator, Bitcoin has plunged back into the “fear” territory.

The index currently shows a total of 34 out of 100 points. Yesterday, for comparison, the index was still in the neutral territory with 51 points. 

Earlier this Thursday, the price of Bitcoin plunged to an intraday low of $108,201, shattering any hopes of a late comeback for the bulls during this October. 

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Still, some Bitcoiners see a silver lining in the fact that market participants are fearful while the cryptocurrency is trading well above the $100,000 mark. 

ETHA bucks the trend 

Notably, BlackRock’s Ethereum ETF (ETHA) is the only product that managed to remain in the green on Saturday. The red-hot product has managed to eke out a gain of $21.7 million. 

For comparison, the financial titan’s Bitcoin ETF (IBIT) bled a total of $88 million. 

That said, IBIT still boasts an extremely impressive $89 billion worth of net assets, dwarfing ETHA’s $15.8 billion. 

Underwhelming October 

October has been extremely underwhelming both in terms of Bitcoin price action and ETF flows. On Oct. 16, for instance, these products bled $531 million worth of BTC, which was the worst year to date. The trend shows weakening institutional demand. 

According to analytics firm Glassnode, inflows of roughly 2,500 BTC per day would be needed to reignite the stalled rally.