Ether and Bitcoin ETFs Outflows: Both Face Downward Market Pressure
As Bitcoin is down 6.49% and Ether is down 10.46% this week, the U.S.-listed spot ETFs for both Bitcoin and Ether are contributing to the downward pressure on cryptocurrency prices. According to Farside Investors, investors withdrew $54.2 million from Bitcoin ETFs on October 3, marking the third day in a row of net withdrawals. The total for the three days was $361.2 million.
At $58.0 million and $37.2 million, respectively, Fidelity’s FBTC and Ark’s ARKB were the largest contributions on Thursday. A $36.0 million inflow was seen in BlackRock’s IBIT. With only $5.9 million in outflows this week, Grayscale’s GBTC market activity is still comparatively quiet. Having said that, since its launch, the 11 ETFs have collected $18.5 billion in assets from investors.
Nate Geraci: Bitcoin and Ether ETFs Outperform 2024 ETF Launches Despite Industry Trends
Ether ETFs saw a net outflow of $3.2 million on Thursday at the same time. Grayscale’s $14.7 million ETHE was the source of the outflows, which brought the total amount of withdrawals to $2.9 billion. The inflow into BlackRock ETHA was $12.1 million. Based on statistics from Farside Investors, there has been a $555.4 million outflow from ether ETFs thus far. Nate Geraci, the president of the ETF store, claims that against industry norms, the success of BTC and ETH ETFs is remarkable.
Out of 525 ETFs launched in 2024, 13 of the top 25 are either bitcoin or ether related,
Geraci
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