US spot Bitcoin and Ethereum exchange-traded funds (ETFs) recorded significant net outflows at the start of the week, with investors pulling out $150.8 million on Monday, October 12. Data provided by Farside Investors indicated renewed pressure on institutional demand after challenging weeks for both leading cryptocurrencies.
Bitcoin ETFs post $65.4 million in net outflows amid weak demand
Bitcoin ETFs faced ongoing difficulties, registering $65.4 million in net withdrawals on Monday. All of these outflows came from BlackRock’s iShares Bitcoin Trust (IBIT), while other major funds such as Fidelity’s FBTC and Grayscale’s GBTC had no reported inflows or outflows during the session.
The recent outflows extended a negative trend from the previous week, when spot Bitcoin ETFs experienced $678.9 million in withdrawals from October 5 to October 9. This steady movement of capital out of Bitcoin funds has raised concerns about the sustainability of institutional participation in the current market environment.
BlackRock, a major global asset management company, operates one of the largest spot Bitcoin ETFs in the US, attracting considerable attention from both retail and institutional investors.
Mini dictionary: BlackRock, one of the world’s largest asset management firms, offers a variety of investment products, including cryptocurrency ETFs for institutional and retail investors.
Bitcoin ETFs struggled once again as IBIT recorded $65.4 million in outflows, while other major funds saw flat activity.
Ethereum ETFs lead outflows, with $85.4 million withdrawn
Ethereum ETFs performed worse than their Bitcoin counterparts, as funds lost $85.4 million in net assets on October 12. BlackRock’s iShares Ethereum Trust (ETHA) accounted for the largest share, with $75.1 million withdrawn, and Grayscale’s Ethereum Mini Trust (ETH) saw an additional $10.3 million in outflows. All other Ethereum-focused ETFs reported unchanged flows for the session.
Persistent selling pressure has pushed Ethereum ETF net outflows up to $788.8 million for October to date, signaling a notable shift in institutional sentiment.
Outflows from Ethereum ETFs reached $85.4 million in a single day, bringing the month’s total to nearly $789 million in net withdrawals.
Volatility returns as Bitcoin and Ethereum prices retreat
The surge in ETF outflows coincided with heightened volatility in the broader cryptocurrency market. Bitcoin briefly climbed above $84,000 before declining below $82,000 during Monday’s trading. It hovered around $81,382 by the close of the US trading session, later recovering to $83,503.
Ethereum followed a similar trend, dropping toward $2,425 as bearish pressure continued. Over a 24-hour period, the crypto market saw approximately $771 million in liquidations, including $685.6 million from long positions.
While both Bitcoin and Ethereum attempted to recover from the steep losses, ongoing ETF outflows and mounting volatility mean uncertainties remain regarding the potential for a sustained rally as the month progresses.
| ETF | Net Outflows (Oct. 12) | Main Contributors |
|---|---|---|
| Bitcoin ETFs | $65.4 million | IBIT (BlackRock) |
| Ethereum ETFs | $85.4 million | ETHA (BlackRock), ETH (Grayscale Mini) |
