Key Points
– U.S. spot bitcoin ETFs experienced $54.13 million in net outflows on Thursday, marking the third consecutive day of negative flows.
– Spot Ethereum ETFs also saw outflows, with a total of $3.20 million leaving the funds on the same day.
The cryptocurrency exchange-traded fund (ETF) market in the United States is facing challenges as spot bitcoin ETFs recorded their third straight day of outflows. On Thursday, October 3, 2024, these funds saw net outflows totaling $54.13 million, contributing to a cumulative three-day outflow exceeding $388 million.
Leading the exodus was Ark Invest and 21Shares’ ARKB fund, which experienced a significant $57.97 million in net outflows. Fidelity’s FBTC also felt the pinch, with $37.21 million leaving the fund.
However, not all funds were in the red. BlackRock’s IBIT managed to attract $35.96 million in net inflows, while Bitwise’s BITB and Invesco’s BTCO saw modest inflows of $2.65 million and $2.44 million, respectively. The remaining seven funds, including the closely watched Grayscale’s GBTC, reported no movement for the day.
Despite the recent outflows, it’s worth noting that since their launch in January, spot bitcoin ETFs have accumulated total net inflows of $18.47 billion, highlighting the overall investor interest in these products.
Ethereum ETFs Follow Suit with Outflows
The spot Ethereum ETF market didn’t fare much better, reporting total daily net outflows of $3.2 million. Grayscale’s ETHE led the decline with $14.69 million in net outflows, while Fidelity’s FETH saw a more modest exodus of around $587,090.
BlackRock’s ETHA provided some relief to the Ethereum ETF market, attracting $12.08 million in net inflows. The six other spot ether ETFs remained stable with no reported flows.
Market Activity and Volume
Thursday’s trading saw a decrease in volume for both bitcoin and Ethereum ETFs. Spot bitcoin ETFs recorded a total daily trading volume of $1.13 billion, down from $1.66 billion the previous day. Similarly, the nine ether ETFs experienced a drop in daily trading volume, falling to $115.66 million from Wednesday’s $197.82 million.
Since their July launch, Ethereum ETFs have accumulated net outflows of $561.05 million, indicating a more challenging market environment compared to their bitcoin counterparts.
As the cryptocurrency ETF market continues to evolve, investors and analysts will be closely monitoring these flow trends to gauge market sentiment and the long-term viability of these investment vehicles.
