Key Points
- Spot Bitcoin ETFs in the U.S. experienced a day of negative flows on Oct 8, ending their two-day inflow streak.
- Spot Ether ETFs also recorded outflows, following a day of stagnation.
Spot Bitcoin ETFs End Inflow Streak
Spot Bitcoin ETFs in the U.S. broke their two-day inflow streak on Oct 8. They recorded a day of negative flows, signifying a potential shift in investor sentiment amidst a broader market slowdown.
Data from SoSoValue shows that the 12 spot Bitcoin ETFs saw net outflows totaling $18.66 million. This decline comes after these funds collectively attracted an impressive $260.78 million in inflows over the previous two days.
Leading Outflows: Fidelity’s FBTC and Grayscale’s GBTC
Fidelity’s Bitcoin ETF bore the brunt of the outflows, with $48.82 million exiting the fund on Oct. 8. This shift is a stark contrast from the previous trading day when FBTC posted the highest inflows among all spot Bitcoin ETFs, gaining $103.7 million.
Grayscale’s Bitcoin Trust, another major player in the spot Bitcoin ETF market, contributed to the negative trend. After a day of no recorded activity, GBTC saw $9.41 million in outflows, continuing its challenging streak. GBTC has experienced $20.15 billion in cumulative outflows since its launch.
Despite the widespread outflows, BlackRock’s IBIT, the largest Bitcoin ETF by assets under management, was the only ETF to register positive flows on the day. IBIT attracted $39.57 million in inflows.
The remaining nine spot Bitcoin ETFs remained neutral, with no recorded inflows or outflows on Oct. 8. However, total trading volume across all Bitcoin ETFs surged to $1.35 billion. Cumulatively, U.S. spot Bitcoin ETFs have drawn in a net total of $18.72 billion since their inception.
At the time of reporting, Bitcoin (BTC) was trading sideways, hovering at $62,230. This price level may have contributed to the hesitation among investors to further engage with these funds.
Ethereum ETFs Mirror Bitcoin’s Downtrend
Spot Ethereum ETFs also mirrored Bitcoin’s performance, with outflows recorded across the market. The nine spot Ether ETFs saw net outflows of $8.19 million on Oct. 8, following a day of neutral activity.
Fidelity’s FETH and Bitwise’s ETHW were the most affected, with $3.65 million and $4.54 million in outflows, respectively. The remaining seven Ethereum ETFs reported no significant activity, maintaining zero flows.
In addition to the outflows, trading volume for Ethereum ETFs dropped significantly, falling to $102.37 million from $118.43 million the previous day. The spot Ether ETFs have experienced a cumulative total net outflow of $561.85 million since their introduction.
At the time of publication, Ethereum (ETH) was exchanging hands at $2,434.