Spot Bitcoin ETFs record outflows of $242.6m as Bitcoin retreats below $62k

Spot Bitcoin exchange-traded funds recorded significant outflows, ending an eight-day streak of inflows on October 1, as Bitcoin fell below $62,000 amid rising tensions in the Middle East.

According to data from SoSoValue, 12-point Bitcoin ETFs saw net outflows of $242.53 million, breaking a streak of inflows that brought $1.42 billion into these funds over the previous eight days. This was the largest daily outflow since September 3, when $288 million left Bitcoin ETFs.

Among the funds, Fidelity’s FBTC led with an outflow of $144.7 million on October 1, followed by ARK 21Shares’ ARKB with an outflow of $84.3 million. Bitwise’s BITB and VanEck’s HODL also experienced notable outflows, losing $32.7 million and $15.8 million respectively, while Grayscale’s Bitcoin Trust saw a more modest decline of $5.9 million.

The remaining spot Bitcoin ETFs did not record any outflows on the day.

Despite the outflows, trading volume across the 12 Bitcoin ETFs increased and reached $2.53 billion on October 1. Since their launch, these funds have attracted a cumulative total of $18.62 billion in net inflows, underscoring continued interest despite recent volatility.

Sharp outflows in Bitcoin ETFs were closely linked to geopolitical events. As news broke of Iran’s missile attacks on Israel, the price of Bitcoin (BTC) dropped over 3.7%, dropping nearly $4,000 in 24 hours. The cryptocurrency fell to a two-week low of $60,315 before rising to around $61,500 at the time of writing.

This decline in Bitcoin price was accompanied by a change in market sentiment, which was also reflected in the Crypto Fear and Greed Index. The index fell from a neutral reading of 50 to a fear-level reading of 42; This points to the increasing caution of investors in the face of increasing geopolitical risks.

Spot Ether ETFs also see outflows

Meanwhile, US spot Ether ETFs continued to experience outflows, with a total of $48.52 million exiting these products on October 1. Grayscale’s Ethereum Trust led the outflows, dropping $26.6 million, while Fidelity’s Ethereum Trust saw $25 million withdrawn.

Bitwise’s ETHW had a more modest debut of $895.65K. The remaining spot Ether ETFs remained neutral throughout the day.

Trading volume of Ether ETFs also increased to $290 million on October 1, from $147.9 million the previous day. Since their launch, these products have recorded a cumulative net outflow of $572.31 million.

At the time of publication, Ethereum (ETH) was trading at around $2,474, down 6.3%; as the broader cryptocurrency market continued to face pressure from geopolitical events and investor uncertainty.