Key Points
- U.S. Bitcoin ETFs experienced their third day of outflows on Oct. 10, with Ethereum ETFs seeing a small increase.
- Market fears and a 3% drop in Bitcoin’s price led to a sell-off and $198.6 million in market liquidations.
Bitcoin ETFs Witness Outflows
On October 10, exchange-traded funds (ETFs) in the U.S. experienced a third consecutive day of outflows.
Data from SoSoValue shows that 12 spot Bitcoin ETFs registered outflows totaling $120.76 million. This was a significant increase from the previous day’s outflows of $40.56 million.
Fidelity’s FBTC ETF led the Bitcoin ETF outflows, with $149.5 million exiting the fund. Other major funds also saw outflows, including ARK and 21Shares’ ARKB and Bitwise’s BITB.
Even BlackRock’s IBIT, the largest Bitcoin ETF by net assets, ended its five-day inflow streak with an outflow of $10.83 million.
Market Fears Lead to Sell-Off
These outflows coincided with a 3% drop in Bitcoin’s (BTC) price, which hit a three-week low before recovering slightly. This drop followed unexpected U.S. inflation data that reignited fears of the Federal Reserve pausing interest rate cuts, adding pressure to the cryptocurrency market.
This decline also led to $198.6 million in market liquidations, according to data from Coinglass. The sell-off led to a growing fear across the cryptocurrency market, with the Crypto Fear and Greed Index dropping to its lowest level since mid-September.
Ethereum ETFs See Inflows
In contrast to Bitcoin, Ethereum ETFs saw a small but notable increase. Nine spot Ethereum ETFs recorded net inflows of $3.06 million on Oct. 10.
BlackRock’s ETHA led the charge, attracting $17.85 million in fresh capital. However, these gains were partially offset by outflows from other Ethereum ETFs.
At the time of writing, Ethereum (ETH) was trading at $2,414, moving sideways in a market largely dominated by Bitcoin’s volatility.