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COINTURK NEWS > Cryptocurrency News > Significant Outflows from Spot Bitcoin ETFs Prompt Market Reassessment
Cryptocurrency News

Significant Outflows from Spot Bitcoin ETFs Prompt Market Reassessment

In Brief

  • Spot Bitcoin ETFs faced significant outflows totaling $120.76 million on October 10.

  • In contrast, spot Ethereum ETFs experienced inflows, highlighting different market trends.

  • Market experts anticipate continued interest in these investment products in the near term.

Fatih Uçar
Fatih Uçar 7 months ago
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On October 10, substantial net outflows were observed from spot Bitcoin $103,850 ETFs, totaling $120.76 million without any recorded inflows. This situation has raised concerns within the cryptocurrency market, indicating that holders are reassessing their positions in spot Bitcoin ETFs.

Contents
Major Outflows from Blackrock and FidelitySimultaneous Inflows into Spot Ethereum ETFs

Major Outflows from Blackrock and Fidelity

Blackrock’s Bitcoin ETF, IBIT, experienced a notable outflow of $10.83 million. Similarly, Grayscale’s GBTC saw $18.52 million withdrawn, while Fidelity’s FBTC faced outflows amounting to $33.79 million. Additionally, the ARKB ETF, offered by Ark and 21Shares, recorded an outflow of $30.30 million, and Bitwise’s BITB faced $6.16 million in withdrawals. Grayscale’s mini Bitcoin ETF, BTC, also noted a $21.16 million outflow.

Following these developments, the total net asset value of spot Bitcoin ETFs decreased to $55.15 billion. While various opinions exist regarding the causes behind these massive outflows, some market observers attribute this trend to uncertainties in the U.S. economy and volatility in global financial markets.

Simultaneous Inflows into Spot Ethereum ETFs

On the same date, spot Ethereum $2,407 ETFs noted a net inflow of $3.06 million, showcasing a different trend compared to Bitcoin ETFs. Blackrock’s ETH ETF saw a significant inflow of $17.85 million, and Grayscale’s mini ETH ETF recorded an inflow of $3.34 million.

However, Grayscale’s ETH ETF registered an outflow of $10.37 million, Fidelity’s ETH ETF had $3.54 million pulled out, and Bitwise’s ETH ETF experienced an outflow of $4.23 million. As a result, the total net asset value of spot Ethereum ETFs was calculated at $6.46 billion.

Recent fluctuations in the cryptocurrency market, particularly the activity in spot ETFs, have drawn significant attention. Experts agree that interest from investors in such products will likely continue in the short term, emphasizing that decisions made by institutional investors could have a major impact on the market.

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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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Fatih Uçar 11 October, 2024 - 11:02 am 11 October, 2024 - 11:02 am
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