Bitcoin Spot ETFs Report Major Outflows
On October 2, 2024, Bitcoin spot ETFs suffered a total net outflow of $91.76 million. This downturn marked a significant change in investor behavior, causing the net asset ratio to settle at 4.64%. Among the various ETFs, Fidelity’s Bitcoin ETF (FBTC) emerged as a leader with a daily net inflow of $21.08 million, while ARK 21Shares’ ETF (ARKB) saw the largest outflow, totaling $60.28 million.
Market Dynamics and Trading Activity
The cumulative total net inflow for Bitcoin ETFs decreased by 0.48%, settling at $18.53 billion. Trading activity also took a hit, with the total value traded in a single day plummeting by 34.39% to $1.66 billion. This shift indicates a notable reduction in liquidity and trading activity within the market.
- Bitcoin Price: The BTC price stood at $68,470.5.
- Total Net Assets: These were recorded at $57.68 billion.
- Fluctuation: Total net assets decreased by 2.63% from October 1 to October 2 but saw a significant increase of 94.53% from January 10 to date.
Despite a brief period of positive net inflows, the daily net flows for Bitcoin spot ETFs plunged into the red zone. Following an impressive 8-day streak starting on September 19, the inflow trend reversed on October 1 with over $200 million in net outflows.
Individual ETF Performances
Examining individual ETF performances reveals significant discrepancies:
- iShares’ ETF (IBIT): Recorded a daily net outflow of $13.74 million, bringing its cumulative net inflow to $21.52 billion. Its market price fell by 2.53% to $34.24, with a total of 29.35 million shares traded.
- Fidelity’s FBTC: Achieved a daily net inflow of $21.08 million, with cumulative net inflows settling at $9.87 billion and net assets reaching $10.75 billion. However, FBTC’s market price dropped by 2.52% to $52.62.
- ARK 21Shares’ ETF (ARKB): Underperformed significantly with a $60.28 million net outflow, resulting in cumulative net inflows of $2.57 billion and net assets at $2.91 billion. Its share price fell 2.53% to $60.13.
- Grayscale’s GBTC: Experienced over $27 million in outflows, leading to a cumulative net outflow of $20.12 billion and net assets of $13.28 billion. GBTC’s market price dropped 2.44% to $47.92.
- Bitwise’s ETF (BITB): Recorded a daily net outflow of $11.51 million, but maintained a positive cumulative net inflow of $2.09 billion and net assets of $2.34 billion.
Ethereum Spot ETFs Show Mixed Results
Turning to Ethereum spot ETFs, SoSoValue’s data indicated that while Ethereum ETFs recorded a daily net inflow of $14.45 million, they still faced cumulative outflows totaling $557.86 million as investors withdrew funds.
- Total Value Traded: As of October 2, the total value traded was $197.82 million, with total net assets amounting to $6.51 billion, representing about 2.27% of Ethereum’s market cap.
Individual Ethereum ETF Performance
Examining individual Ethereum ETFs reveals varied results:
- Grayscale’s ETHE: Recorded a net outflow of $5.4 million, pushing cumulative net outflows to $2.94 billion. ETHE’s net assets stood at $3.92 billion, with 4.62 million shares traded at approximately $19.98 (-4.77%).
- iShares’ ETHA: Performed best with a daily net inflow of $18.04 million and cumulative net inflows of $1.16 billion. ETHA’s net assets were at $941.87 million, trading 2.63 million shares worth $48.14 million at $17.98 (-4.67%).
- Franklin’s ETF EZET: Also saw positive daily flows, recording an inflow of $1.81 million, bringing cumulative net inflows to $37.12 million and net assets to $29.87 million. EZET’s market price fell 4.7% to $18.03.
Conclusion
The recent outflows from Bitcoin and Ethereum spot ETFs underscore the volatility and uncertainties in the cryptocurrency market. As investors continue to react to market dynamics, keeping an eye on these trends will be essential for making informed investment decisions.
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