Bitcoin and Ethereum ETFs in the U.S. both experienced outflows on Oct 8, breaking their streak of inflows. According to data from SoSoValue, spot Bitcoin ETFs saw net outflows of $18.66 million, following two days of significant inflows totaling $260.78 million. Fidelity’s FBTC and Grayscale’s GBTC were the major players in this negative trend, with FBTC experiencing outflows of $48.82 million and GBTC seeing outflows of $9.41 million after a day of no activity.
Despite the overall outflows, BlackRock’s IBIT was the only Bitcoin ETF to register positive flows on the day, attracting $39.57 million in inflows. The remaining nine spot Bitcoin ETFs remained neutral, with no significant activity recorded. However, total trading volume for all Bitcoin ETFs surged to $1.35 billion on Oct. 8, showing increased market activity. Since their inception, U.S. spot Bitcoin ETFs have attracted a total of $18.72 billion in net inflows.
Bitcoin was trading at $62,230 at the time of reporting, which may have contributed to investor hesitation in engaging with these funds. On the other hand, spot Ethereum ETFs also saw outflows on Oct. 8, with net outflows of $8.19 million across the market. Fidelity’s FETH and Bitwise’s ETHW were the most affected, 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, trading volume for Ethereum ETFs dropped to $102.37 million from $118.43 million the previous day. Since their introduction, spot Ether ETFs have experienced cumulative net outflows of $561.85 million, showing ongoing caution among investors in the Ether market. At the time of publication, Ethereum was trading at $2,434.
The simultaneous outflows in both Bitcoin and Ethereum ETFs suggest a shift in investor sentiment and caution in the market. Despite the negative trend, some ETFs like BlackRock’s IBIT managed to attract inflows, showing that there is still interest in these investment vehicles. The overall increase in trading volume for Bitcoin ETFs indicates continued market activity and engagement, even in the face of outflows. Investors will be closely watching the performance of both Bitcoin and Ethereum in the coming days to gauge market sentiment and potential investment opportunities.