CONNECT WITH US
Web3 & Blockchain

Web3 & Blockchain

Bitcoin ETFs suffer biggest exodus since June as Ethereum withdrawals hit nine-month high

CryptoSlate logo

Published on

Add as a preferred source on Google
Bitcoin ETFs suffer biggest exodus since June as Ethereum withdrawals hit nine-month high

US spot Bitcoin and Ethereum exchange-traded funds saw their steepest withdrawals in months as the cryptocurrency market continued to decline.

Data from SoSoValue shows that the 12 listed US Bitcoin ETFs lost $484.9 million on Oct. 7, their largest single-day outflow since June 25. BlackRock's iShares Bitcoin Trust (IBIT) led the withdrawals with $207.7 million, followed by Fidelity's FBTC at $105.1 million and ARK 21Shares' ARKB at $101.7 million.

Meanwhile, Ethereum ETFs recorded $160.9 million in withdrawals, bringing their five-session losses to $506.3 million, the largest since January.

BlackRock's ETHA accounted for $116.1 million of Wednesday's redemptions, while Grayscale's ETHE lost $25.8 million. The funds have now experienced seven consecutive trading sessions of outflows, totaling approximately $569 million.

Together, the two ETF categories lost about $646 million on Wednesday as Bitcoin fell to its lowest daily close in the last 20 days, below $83,000, while Ethereum retreated toward $2,500 during the reporting period.

Notably, the price action coincided with rising US Treasury yields, a stronger dollar, and elevated oil prices, adding to pressure on risk assets.

The latest withdrawals followed signs of weakening institutional demand that Bitfinex analysts had identified before Wednesday's selloff.

In an Oct. 7 report, the analysts noted that Bitcoin ETF flows had become increasingly uneven, with investment slowing sharply after the buying spree that supported September's recovery.

7 million during Bitcoin's mid-September rally from $76,000 to $87,000. However, that figure fell to about $35 million per day over the five trading sessions through Oct.



Source link
Related Topics:Web3 & Blockchain

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We TheMorningPulse.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It's possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.