Spot Bitcoin ETFs log second consecutive day of outflows, led by ARK 21Shares’ ARKB

US spot Bitcoin exchange-traded funds recorded net outflows for the second day in a row on October 9, with $30.59 million leaving the funds.

According to SoSoValue data, 12 spot Bitcoin ETFs extended their breakout streak into a second day with net negative flows of $30.59 million. All outputs came from ARK 21Shares’ ARKB; $44.47 million was allocated from the fund and its negative trend continued for the second day in a row.

These outflows were partially offset by BlackRock’s IBIT, which reported inflows of $13.88 million for the second day on the same day. A total of $137.5 million was seen in IBIT’s fund in the last two days. IBIT, the largest ETF by net assets, has recorded net inflows of $21.71 million since its launch.

While flow data for Bitwise’s BITB was not updated at the time of writing, the remaining nine Bitcoin ETFs remained neutral throughout the day. Cumulatively, US spot Bitcoin ETFs have attracted a net total of $18.68 billion since inception.

Despite these mixed flows in Bitcoin ETFs, the broader cryptocurrency market struggled on October 9. Bitcoin (BTC), which started the day trading above $62,000, quickly fell to a daily low of $60,541, raising concerns that volatility will continue.

The drop in price led to the liquidation of over $40 million in Bitcoin long positions, further weakening market confidence. According to CoinGlass data, the total liquidation of both long and short positions in the crypto space in the last 24 hours reached $162.22 million. Bitcoin was still down 2.2%, changing hands at $61,031 at press time.

Spot Ether ETFs see no activity

Unlike Bitcoin, spot Ethereum ETFs had a quiet day. According to SoSoValue data, nine spot Ethereum ETFs in the US recorded zero inflows on Oct. 9, after recording outflows of $8.19 million on the previous trading day.

The price of Ethereum (ETH) also fell 1.8% to $2,402 at the time of writing; Investors have been wary of the 3.3% decline in the global crypto market, which stands at $2.23 trillion at time of writing.

In contrast to Bitcoin’s positive ETF flow, Ethereum ETFs are facing constant outflows, reflecting a different trend in market demand.

CryptoQuant reported that after 79 days of ETF trading, total net outflows for Ethereum ETFs were $4.1 billion, while total net inflows for Bitcoin ETFs were $29.1 billion. This sharp contrast with Bitcoin’s performance suggests that investor sentiment and institutional interest may be trending more positively towards Bitcoin in the current market environment.

But according to Bitwise CIO Matt Hougan, the slow start to spot Ethereum ETFs is largely due to traditional investors still adjusting to the crypto market when the products launch. He believes the timing is too early but expects Ethereum ETFs to gain momentum and potentially reach $20 billion in assets within a year as interest grows.