Bitcoin ETFs Record $250 Million Outflow
02 Oct, 2024 ● Coin news
Institutional investors appear to have been unsettled by escalating tensions in the Middle East, leading to nearly $243 million in outflows from U.S. spot Bitcoin exchange-traded funds (ETFs).
On October 1, data from Farside Investors revealed that 11 U.S. spot Bitcoin ETFs experienced a combined outflow of $242.6 million, marking the largest outflow in almost a month, following the $288 million outflow recorded on September 3.
It was also the third-largest outflow day in the past five months, ending an eight-day streak of inflows that peaked at $494 million on September 27.
The Fidelity Wise Origin Bitcoin Fund saw the biggest outflow, with $144.7 million leaving on October 1, followed by the ARK 21Shares Bitcoin ETF, which lost $84.3 million.
The Bitwise Bitcoin ETF recorded an outflow of $32.7 million, while the VanEck Bitcoin ETF and Grayscale Bitcoin Trust saw outflows of $15.8 million and $5.9 million, respectively.
Several other ETFs, including those from Invesco, Franklin, Valkyrie, WisdomTree, and Grayscale’s Mini Bitcoin Trust, reported no flows.
The BlackRock iShares Bitcoin Trust was the only one to record positive inflows, adding $40.8 million, marking its 15th consecutive day without outflows.
Spot Bitcoin prices plummeted by nearly $4,000 following Iran’s missile strike on Israel on October 1, hitting a two-week low of $60,315 before rebounding to $61,620 by the time of publication.
Meanwhile, U.S. spot Ethereum ETFs also faced significant outflows, with a total of $48.6 million leaving the products on the same day.
Grayscale’s Ethereum Trust led the outflows, losing $26.6 million, closely followed by the Fidelity Ethereum Trust, which saw $25 million in outflows, accounting for the majority of the losses.
Sources:
https://cointelegraph.com/news/bitcoin-etfs-largest-outflow-in-nearly-month-iran-israel-conflict
