The flows from both spot Bitcoin and Ether ETFs on Tuesday suggest that unstable Bitcoin prices may have swayed investors.
Key Notes
- Fidelity’s FBTC led October 8 outflows with a staggering $48.82 million.
- BlackRock’s IBIT ETF attracted a significant $39.65 million net inflow, bucking the trend.
There was mixed activity in the crypto market on October 8 as US spot Bitcoin Exchange-Traded Funds (ETFs) recorded a net outflow of $18.58 million. That is, according to an X post by fund analyst Trader T.
The net outflow ended a two-day positive streak, signaling what might be translated as the result of investors holding divergent investment views at the moment. Particularly at this time that the market is grappling with difficulty when it comes to Bitcoin
BTC
$62 016
24h volatility:
0.6%
Market cap:
$1.23 T
Vol. 24h:
$27.09 B
prices.
Stop Bitcoin ETFs Show Mixed Performance
Two of the biggest names in the Bitcoin ETF market, Fidelity and Grayscale, saw the biggest outflows on Tuesday. Over $48.82 million left Fidelity’s FBTC on the day, while Grayscale’s GBTC also saw a $9.41 million net outflow.
Although the two funds contributed largely to the day’s overall negative trend, contrasting flows from BlackRock’s IBIT ETF significantly reduced the total outflow for the day.
Notably, IBIT was the only fund that saw inflows on the day, attracting $39.65 million in investment. This points to the fact that some investors remain bullish still about Bitcoin, amid the air of uncertainty in the broader market.
As per the nine remaining ETFs, they had zero flows on Tuesday. By showing little to no movement, it might be safe to say that a large percentage of investors are choosing to wait on the sidelines, at least for now.
Ether ETFs Also See Outflows
Spot Ethereum ETFs in the US had a similar outing to their Bitcoin counterparts on Tuesday. They recorded $8.19 million in net outflows, going further down in performance after reporting zero flows on Monday.
Bitwise’s ETHW led the pack with the largest outflows of the day. About $4.54 million left the fund, while Fidelity’s FETH followed with outflows of $3.65 million. All other seven spot ether ETFs experienced no flows.
As of publication, Coinspeaker data showed Bitcoin dropping 0.12% over the past 24 hours to trade at $62,405. Ether
ETH
$2 430
24h volatility:
0.0%
Market cap:
$292.88 B
Vol. 24h:
$13.46 B
, on the other hand, has gained 0.48% in the same timeframe to change hands at $2,450.
The flows from both spot Bitcoin and Ether ETFs on Tuesday suggest that unstable Bitcoin prices may have swayed investors. This explains why they may be seeking to reduce their exposure or looking for alternative assets to invest in.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this.
He’s a reader, a researcher, an astute speaker, and also a budding entrepreneur.
Away from crypto however, Mayowa’s fancied distractions include soccer or discussing world politics.
