Spot Bitcoin and Ethereum ETFs experience joint outflow day

On October 8, spot Bitcoin ETFs in the U.S. broke their two-day inflow streak, experiencing net outflows totaling $18.66 million. This shift in investor sentiment comes amid a broader market slowdown, following a strong inflow of $260.78 million over the previous two days.

Fidelity’s Bitcoin ETF (FBTC) was particularly impacted, with $48.82 million exiting the fund. This marks a significant change from the prior trading day when FBTC saw the highest inflows of $103.7 million. Grayscale’s Bitcoin Trust (GBTC) also contributed to the negative trend, registering $9.41 million in outflows. Since its inception, GBTC has experienced a staggering $20.15 billion in cumulative outflows, reflecting ongoing challenges in the market.

Despite the overall negative flows, BlackRock’s IBIT, the largest Bitcoin ETF by assets under management, managed to attract $39.57 million, partially offsetting the downturn. The remaining nine spot Bitcoin ETFs reported no significant activity, while total trading volume across all Bitcoin ETFs surged to $1.35 billion.

At the time of writing, Bitcoin was trading sideways at around $62,230, a price level that may have influenced investor hesitance.

In a similar trend, spot Ethereum ETFs also faced outflows on the same day. The nine spot Ether ETFs saw net outflows of $8.19 million, with Fidelity’s FETH and Bitwise’s ETHW being the most affected, experiencing outflows of $3.65 million and $4.54 million, respectively. Overall trading volume for Ethereum ETFs fell to $102.37 million from $118.43 million the day before, reflecting ongoing caution among investors in the Ether market.

As of the latest updates, Ethereum was trading at $2,434, continuing the trend of investor caution in the crypto space.