Bitcoin and Ether ETFs post outflows amid rising global tensions (Photo by Michael M. Santiago/Getty Images)
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Key Takeaways
Bitcoin ETFs now hold $56.31 billion of BTC’s market cap.
Ethereum ETFs have $6.44 billion in net assets.
Both BTC and ETH ETFs saw communicative net outflows of $57 million.
U.S. spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) extended their net outflows amid escalating tensions in the Middle East.
BTC ETFs
According to SoSoValue data, Bitcoin ETFs posted $54.3 million in outflows on Oct. 3, extending net outflows for the third day. The outflow streak comes after a week of bullish net inflows.
Bitcoin ETF flows. Source: SoSoValue
ARK 21Shares Bitcoin ETF (ARKB) led the outflows, seeing $57.97 million in exits, followed by Fidelity’s Wise Origin Bitcoin Fund (FBTC) with $37.21 million in outflows.
However, not all funds saw outflows.
BlackRock’s iShares Bitcoin Trust (IBIT) recorded $35.96 million in net inflows, pushing its cumulative total to $21.56 billion.
Bitwise’s Bitcoin ETF (BITB) came in next with $2.65 million in inflows and $2.1 billion in total assets under management.
Invesco Galaxy Bitcoin ETF (BTCO) closely followed, posting $2.1 million in net inflows.
The remaining seven ETFs, including outflow champ Grayscale Bitcoin Trust(GBTC), remained flat with neutral flows.
BlackRock’s iShares Ethereum Trust ETF (ETHA) was the only ETF to post positive results, attracting $12.08 million in net inflows.
In contrast, the Grayscale Ethereum Trust (ETHE) experienced $14.69 million in net outflows, bringing its cumulative outflows to $2.95 billion.
Grayscale, Fidelity’s Ethereum Fund (FETH) was the only other ETF to record outflows of $587,000.
The other six ETH ETFs remained flat, with zero inflows or outflows.
Middle East Crisis Cancels Uptober Hype
October has historically been a bullish month for crypto.
Thus, after a fruitful second half of September, crypto enthusiasts hoped to see a new all-time high for Bitcoin.
However, the Israel-Iran conflict in the Middle East has led to turmoil in all markets.
Bitcoin and most altcoins have lost most of their gains from September.
Bitcoin’s price is currently hovering around $61,000, while Ethereum’s price is trading below $2,400.
Memecoins were some of the largest gainers in last week’s bullish rally, but this week, they are also some of the biggest losers, seeing their prices decline in double digits.
Prashant Jha is a seasoned crypto journalist based in Delhi, India, with a Bachelor’s Degree in Computer Science Engineering. Passionate about the evolving world of blockchain and cryptocurrencies, he has been a dedicated voice in the industry since 2018. Prashant’s expertise lies in regulatory reporting, where he unravels complex legal and financial developments with clarity and precision. Before joining CCN in 2024, he honed his craft at Cointelegraph, establishing himself as a trusted name in crypto journalism.
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