In a noteworthy shift within the cryptocurrency market, Bitcoin exchange-traded funds (ETFs) recorded a substantial outflow of $101.29 million on October 22. This represents a sharp reversal from the previous day, shedding light on the ongoing volatility affecting both Bitcoin and Ethereum amid geopolitical tensions.
Among the most affected, Grayscale’s GBTC and Fidelity’s FBTC saw major withdrawals, amounting to $56.63 million and $56.56 million respectively. Additionally, Ark and 21Shares noted outflows totaling $53.87 million. In contrast, Bitwise’s BITB experienced the smallest outflow, with $9.99 million withdrawn. Despite these declines, a couple of funds such as BlackRock’s IBIT and Valkyrie’s BRRR managed to attract inflows of $73.63 million and $2.14 million, showcasing a mixed sentiment in the market.
As of now, the total trading value of Bitcoin ETFs has decreased to $6.58 billion, with net assets amounting to $146.27 billion, which is approximately 6.81% of Bitcoin’s overall market capitalization.
On the Ethereum side, ETFs similarly faced challenges, with a total of $18.77 million in outflows. Leading the withdrawals was Fidelity’s FETH, which saw $49.46 million exit its portfolio. Grayscale ETH and Grayscale ETHE followed closely, with outflows of $46.57 million and $33.46 million respectively. However, not all news was negative for Ethereum ETFs; BlackRock’s ETHA reported significant inflows of $110.71 million.
The total trading volume of Ethereum ETFs has now dropped to $2.63 billion, with net assets valued at $25.81 billion, representing 5.66% of Ethereum’s market cap.
As of October 22, Bitcoin’s trading price stood at $108,630.76, indicating a degree of stability, while Ethereum was priced at $3,832.38, demonstrating a modest decline of 0.89%. The total 24-hour trading volume for both cryptocurrencies has decreased, reflecting cautious market sentiment.
This recent trend in ETF outflows raises questions about the potential implications for the broader cryptocurrency landscape, as investors navigate a complex environment characterized by both opportunities and risks.
