Spot Bitcoin and Ethereum ETFs experience joint outflow day

Spot Bitcoin ETFs in the US broke a two-day streak of inflows on October 8, recording a one-day negative flow, while spot Ether ETFs followed suit, recording an outflow after a one-day lull.

According to data from SoSoValue, 12 spot Bitcoin ETFs saw net outflows totaling $18.66 million, signaling a potential shift in investor sentiment amid a broader market slowdown. This decline comes after these funds collectively attracted an impressive $260.78 million in inflows over the previous two days.

Fidelity’s FBTC and Grayscale’s GBTC exits

Fidelity’s Bitcoin ETF bore the brunt of the outflows, with $48.82 million exiting the fund on October 8. This change marks a sharp contrast from the previous trading day, when FBTC gained $103.7 million, posting the highest inflows among all spot Bitcoin ETFs.

Grayscale’s Bitcoin Trust, another major player in the spot Bitcoin ETF market, also added to the negative trend. After a day with no activity recorded, GBTC continued its tough streak, seeing an outflow of $9.41 million. GBTC has experienced cumulative outflows of $20.15 billion since its launch, making it a significant contributor to the industry’s overall negative momentum.

Despite widespread outflows, BlackRock’s IBIT, the largest Bitcoin ETF by assets under management, stood out as the only ETF to record positive flows on the day. IBIT attracted inflows of $39.57 million, partially offsetting the overall negative trend.

The remaining nine spot Bitcoin ETFs remained neutral with no entries or exits recorded on October 8. However, total trading volume across all Bitcoin ETFs rose to $1.35 billion, a sharp increase from the previous day’s activity. Cumulatively, US spot Bitcoin ETFs have attracted a net total of $18.72 billion since inception.

At the time of reporting, Bitcoin (BTC) was trading sideways and hovering around $62,230; This price level may have contributed to investors’ hesitancy to engage further in these funds.

Spot Ethereum ETFs follow Bitcoin’s downtrend

Spot Ethereum ETFs also mirrored Bitcoin’s performance, with outflows recorded in the market. Nine spot Ether ETFs saw net outflows of $8.19 million on Oct. 8, following a neutral day of activity.

Fidelity’s FETH and Bitwise’s ETHW were the hardest hit, with outflows of $3.65 million and $4.54 million, respectively. The remaining seven Ethereum ETFs reported no significant activity, maintaining zero flows.

In addition to the outflows, the trading volume of Ethereum ETFs also dropped significantly, falling to $102.37 million from $118.43 million the previous day. Spot Ether ETFs have experienced a cumulative net outflow of $561.85 million since their launch, reflecting investors’ persistent caution in the Ether market.

At the time of publication, Ethereum (ETH) was changing hands at $2,434.