On October 2, Bitcoin ETFs saw a net outflow of $52.9 million, reflecting the mixed sentiment in the market.
Ark’s ARKB ETF had the largest outflow at $60.3 million, while BlackRock’s IBIT ETF saw a smaller outflow of $13.7 million, according to Farside data.
In contrast, Fidelity’s FBTC ETF attracted $21.1 million in inflows, slightly balancing out the overall outflows. Meanwhile, other ETFs from Bitwise, Invesco, Franklin, Valkyrie, VanEck, WisdomTree, and Grayscale remained largely unchanged.
Ethereum ETFs, however, showed positive activity with an inflow of $19.8 million. Leading the way, BlackRock’s ETHA ETF brought in $18 million, and Franklin Templeton’s EZET ETF gained $1.8 million. Other Ethereum-focused ETFs, including those from Fidelity, Bitwise, and Grayscale, saw no significant changes.
This split in fund movements highlights the market’s volatility, with institutional investors showing a stronger interest in Ethereum products, while Bitcoin ETFs, particularly from Ark and BlackRock, face continued outflows, suggesting adjustments in market exposure.
Crypto analyst Benjamin Cowen has cautioned that Ethereum (ETH) could face a bearish trend as 2024’s final quarter approaches.
Mike Novogratz, the CEO of Galaxy Digital, recently highlighted a new potential catalyst for Bitcoin’s price growth.
Ethereum is facing renewed skepticism as Ether prices drop and a notable whale has begun selling off substantial amounts of ETH acquired during the 2014 initial coin offering.
Binance, the largest cryptocurrency exchange globally, is considering delisting five altcoins due to their heightened volatility.