On Oct 8, both Spot Bitcoin ETFs and Spot Ethereum ETFs simultaneously recorded net outflows, interrupting their recent inflow trends. This highlights an intriguing shift in investor behaviors as they navigate the fluctuating cryptocurrency landscape.
According to data from SoSoValue, the 12 Spot Bitcoin ETFs experienced outflows amounting to $18.66 million, potentially indicating a cooling off period in the market. This contrasts sharply with the previous two days, where the funds managed to garner an impressive $260.78 million.
Spot Bitcoin ETFs: Fidelity and Grayscale Witness Notable Outflows
Fidelity’s Bitcoin ETF, which had just registered significant inflows of $103.7 million, saw $48.82 million in outflows on Oct 8. This marks a distinct reversal in fortune. Similarly, Grayscale’s Bitcoin Trust observed outflows of $9.41 million, adding to its cumulative outflows totaling $20.15 billion since inception.
Contrastingly, BlackRock’s IBIT stood resilient amidst this trend, attracting $39.57 million in inflows, thereby partially balancing the day’s outflow for Spot Bitcoin ETFs. The remaining nine continued their stance, with no registered movements. On this day, the total trading volume for Bitcoin ETFs reached $1.35 billion, escalating sharply from prior activity levels.
Spot Ethereum ETFs: A Mirrored Outflow Pattern
Mirroring Bitcoin’s performance, Spot Ethereum ETFs collectively saw net outflows amounting to $8.19 million on Oct 8. Fidelity’s FETH and Bitwise’s ETHW led this trend with $3.65 million and $4.54 million in respective outflows. Others showed no significant market movement.
The trading volume for Ethereum ETFs notably decreased to $102.37 million, reflecting a cautious investor sentiment persisting since the ETFs’ debut, which has resulted in a cumulative net outflow totaling $561.85 million.
When last checked, Ethereum (ETH) was trading at $2,434, reinforcing a common hesitation shared by investors in current conditions. As market dynamics evolve, keen observation of these ETFs can provide insights into broader investor sentiment shifts in the crypto market.
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