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COINTURK NEWS > Cryptocurrency News > Spot Bitcoin ETFs Experience Significant Withdrawals
Cryptocurrency News

Spot Bitcoin ETFs Experience Significant Withdrawals

In Brief

  • Spot Bitcoin ETFs in the US reported significant net outflows.

  • Fidelity and Grayscale faced the largest withdrawals among Bitcoin ETFs.

  • Spot Ethereum ETFs also experienced notable outflows on the same day.

İlayda Peker
İlayda Peker 8 months ago
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Spot Bitcoin $108,428 ETFs traded in the US experienced a net outflow of $18.66 million on Tuesday, ending a positive inflow streak that had lasted for two days. The outflows primarily occurred across various funds, including Fidelity’s FBTC and Grayscale’s GBTC. Conversely, BlackRock’s IBIT emerged as the only fund to report a positive inflow on the same day.

Contents
The Largest Outflow Comes from Fidelity’s FundOutflows Also Affect Spot Ethereum ETFs

The Largest Outflow Comes from Fidelity’s Fund

Fidelity’s spot ETF, FBTC, recorded the largest loss of the day with an outflow of $48.82 million. Following closely was Grayscale’s GBTC, which saw a $9.41 million outflow. Notably, Grayscale had not registered any inflows or outflows the previous day, making this situation particularly noteworthy. The total trading volume of 12 spot Bitcoin ETFs increased from $1.22 billion to $1.35 billion.

Another fund that stood out on Tuesday was BlackRock’s IBIT, which moved positively with an inflow of $39.57 million. The remaining nine ETFs did not report any inflows.

Outflows Also Affect Spot Ethereum ETFs

In addition to spot Bitcoin ETFs, US spot Ethereum $2,551 ETFs recorded a net outflow of $8.19 million on Tuesday. There were no inflows or outflows on Monday, and the largest outflow occurred in Bitwise’s ETHW fund, amounting to $4.54 million. Fidelity’s FETH fund followed with a $3.65 million outflow, while the other seven spot Ethereum ETFs showed no movement.

The total trading volume of spot Ether ETFs dropped from $118.43 million the previous day to $102.37 million.

As the second trading day of the week unfolded, Bitcoin’s price saw a minor decline of 0.32%, trading at $62,372. Meanwhile, Ethereum, the leading altcoin, experienced a 0.52% increase, reaching $2,445 during the same timeframe.

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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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İlayda Peker 9 October, 2024 - 12:01 pm 9 October, 2024 - 12:01 pm
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