U.S. spot Bitcoin exchange-traded funds (ETFs) reported a second consecutive day of net outflows on October 9, with $30.59 million leaving these funds. Data from SoSoValue indicated that twelve spot Bitcoin ETFs continued their trend of negative flows, primarily driven by ARK 21Shares’ ARKB, which saw an exit of $44.47 million from its fund.
This decline in outflows was somewhat mitigated by BlackRock’s IBIT, which experienced inflows of $13.88 million on the same day, marking its second day of positive movement. In total, IBIT has accumulated $137.5 million in the last two days alone, and it has recorded a net inflow of $21.71 million since its launch, maintaining its status as the largest ETF by net assets.
While the flow data for Bitwise’s BITB was not available at the time of this report, the other nine Bitcoin ETFs remained neutral throughout the day. Overall, U.S. spot Bitcoin ETFs have attracted a net total of $18.68 billion since their inception.
Despite these mixed results in Bitcoin ETFs, the broader cryptocurrency market faced challenges on October 9. Bitcoin, which opened the day trading above $62,000, quickly fell to a low of $60,541, raising concerns about ongoing volatility. This price dip resulted in the liquidation of over $40 million in Bitcoin long positions, contributing to a negative market sentiment. Overall, liquidations of both long and short positions in the crypto market amounted to $162.22 million within 24 hours, according to CoinGlass. At press time, Bitcoin was down 2.2%, trading at $61,031.
In contrast, spot Ethereum ETFs had a quiet trading day. According to SoSoValue, the nine spot Ethereum ETFs in the U.S. reported no inflows on October 9, following outflows of $8.19 million on the previous day. Ethereum’s price also declined by 1.8%, reaching $2,402 as investors remained cautious amid a 3.3% dip in the global cryptocurrency market, which was valued at $2.23 trillion at the time of this report.
The contrasting trends between Bitcoin and Ethereum ETFs highlight differing market demands. CryptoQuant reported that, after 79 days of ETF trading, Ethereum ETFs had experienced $4.1 billion in total net outflows, while Bitcoin ETFs recorded $29.1 billion in total net inflows. This disparity suggests that investor sentiment and institutional interest currently favor Bitcoin over Ethereum.
Bitwise CIO Matt Hougan noted that the slow start for spot Ethereum ETFs may stem from traditional investors still acclimating to the crypto market at the time of the products’ launch. He believes the timing was premature but anticipates that Ethereum ETFs will gain traction, potentially reaching $20 billion in assets within a year as interest continues to grow.
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