Bitcoin and Ethereum ETFs post joint outflows.
(Photo by Spencer Platt/Getty Images)
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Key Takeaways
Bitcoin ETFs command $57.72 billion in net assets or 4.68% of BTC’s market cap.
BlackRock’s BTC and ETH ETFs have combined cumulative inflows of $22.89 billion.
Ethereum ETFs hold $6.67 billion in net assets or 2.27% of ETH’s market cap.
U.S. spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) have posted combined outflows despite relatively high trading volumes.
Bitcoin ETFs
As per data collected by SoSoValue, Bitcoin ETFs were unable to maintain an upward momentum as funds post $18.66 million in outflows, Oct. 7, 2024.
Bitcoin ETF flows. Source: SoSoValue
Up top, BlackRock’s iShares Bitcoin Trust (IBIT) was the only fund in the green, netting $39.57 million in net inflows. With $21.7 billion in cumulative net inflows, IBIT is—by far—the best-performing BTC ETF.
As for outflows, Fidelity’s Wise Origin Bitcoin Fund (FBTC) posted $48.82 million in exits. This is a minor outflow for FBTC, the second-best-performing BTC ETF, with $9.9 billion in cumulative net inflows.
Finally, the Grayscale Bitcoin Trust (GBTC) recorded $9.41 million in outflows, bringing its cumulative outflow to a gigantic $20.15 billion. All other funds flowed neutral.
Ethereum ETFs
As per SoSoValue, Ethereum ETFs have had yet another quiet day of trading, posting $8.19 million in outflows on Oct. 7, 2024.
Ethereum ETF flows. Source: SoSoValue
Just two funds saw outflows. Firstly, the Bitwise Ethereum ETF (ETHW) recorded its third-ever day of outflows, posting $4.52 million in exits. At present, BITB is the third-best-performing ETH ETF with $322.11 million in cumulative net outflows.
Fidelity’s Ethereum Fund (FETH) saw its fifth day of outflows, shedding $3.65 million from its fund. FETH ranks second for cumulative inflows of $449.43 million. All other funds flowed neutral.
Ethereum, Insecure?
Bloomberg’s senior ETF analyst, Eric Balchunas, found himself in hot water after sharing with X a rather hyperbolic excerpt from the “Bitcoin Beginner’s Guide” book written by Benjamin Hart.
For those wondering, this is the tweet Eric deleted – absolute blatant misinformation and pretty much complete propaganda.
You should be utterly ashamed of yourself for even sharing this (and you only deleted it because you didn't want to deal with people calling you out). pic.twitter.com/E2q3dya9aX
According to the book, Ethereum is vulnerable to the whims of governments and private companies. In short, the book claims that governments such as the U.S. could effectively shut down Ethereum by going after Amazon Web Services (AWS) cloud infrastructure if they wanted to.
The book argues that Bitcoin is not so susceptible as it is completely decentralized and distributed across over 1 million computers worldwide. However, the community was rattled and took Balchunas to task over his spreading of “blatant misinformation.”
The book fails to point out that if an AWS blackout were to occur for any reason, plenty of nodes hosted at home, on private services, or with other cloud providers would still be running. Ethereum doesn’t rely on any specific set of nodes to keep functioning; it just needs one.
It’s unfortunate, as the response would make it appear that Balchunas wrote the book himself. However, he reads and wrongly believes the hyperbole presented to him. As an increasingly popular voice in crypto, thanks to his coverage of BTC and ETH ETFs, and for better or worse, he has since removed the post.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
