Spot Bitcoin ETFs in the United States ended their streak of inflows on October 8, experiencing a day of negative flows, while spot Ether ETFs followed suit with outflows after a period of stagnation.
According to data from SoSoValue, the 12 spot Bitcoin ETFs saw a total of $18.66 million in net outflows, indicating a potential shift in investor sentiment amidst a broader market slowdown. This decline comes after the funds collectively attracted an impressive $260.78 million in inflows over the previous two days.
Fidelity’s FBTC and Grayscale’s GBTC were the leaders in outflows. Fidelity’s Bitcoin ETF saw $48.82 million exiting the fund on October 8, a stark contrast from the previous day when it had the highest inflows among all spot Bitcoin ETFs, gaining $103.7 million. Grayscale’s Bitcoin Trust also contributed to the negative trend, experiencing $9.41 million in outflows after a day of no recorded activity. Since its launch, GBTC has seen cumulative outflows of $20.15 billion, making it a significant contributor to the overall negative momentum in the sector.
Despite the widespread outflows, BlackRock’s IBIT, the largest Bitcoin ETF by assets under management, stood out as the only ETF to register positive flows on the day, attracting $39.57 million in inflows, partially offsetting the overall negative trend.
The remaining nine spot Bitcoin ETFs remained neutral, with no recorded inflows or outflows on October 8. However, the total trading volume across all Bitcoin ETFs surged to $1.35 billion, a significant increase from the previous day. U.S. spot Bitcoin ETFs have attracted a net total of $18.72 billion since their inception.
At the time of reporting, Bitcoin (BTC) was trading sideways at $62,230, a price level that may have contributed to investor hesitation in further engaging with these funds.
Spot Ethereum ETFs also followed Bitcoin’s downtrend, experiencing outflows across the market. The nine spot Ether ETFs saw net outflows of $8.19 million on October 8, following a day of neutral activity.
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 significantly dropped to $102.37 million from $118.43 million the previous day. The spot Ether ETFs have seen a cumulative total net outflow of $561.85 million since their introduction, reflecting persistent investor caution in the Ether market.
At the time of publication, Ethereum (ETH) was trading at $2,434.