The recent trend of net outflows from spot Bitcoin ETFs appears to be holding steady. As of October 2nd, the total net outflow reached -$91.76 million. This suggests that investors are withdrawing their funds from these exchange-traded funds that track the price of Bitcoin.
ARKB and GBTC Lead Outflows
Two major Bitcoin spot ETFs, ARKB and GBTC, saw the biggest withdrawals, with -$60.28 million and -$27.31 million, respectively. This could be due to a variety of factors, such as concerns about the recent price volatility of Bitcoin or a shift in investor sentiment towards other asset classes.
Fidelity’s FBTC Bucks the Trend
However, there was a bright spot for Bitcoin ETFs. Fidelity’s Wise Origin Bitcoin Trust (FBTC) experienced a net inflow of $21.08 million. This suggests that some investors are still confident in the long-term prospects of Bitcoin, despite the recent short-term price movements.
Ethereum Funds See Positive Inflows
Interestingly, while Bitcoin spot ETFs face outflows, Ethereum-based funds are experiencing the opposite trend. As of October 2nd, Ethereum funds recorded a net inflow of +$14.45 million. This could indicate investor interest shifting towards Ethereum, potentially due to its recent price performance or upcoming developments within the Ethereum ecosystem.
Overall, the data suggests a mixed picture for cryptocurrency ETFs. While Bitcoin spot ETFs face headwinds, Ethereum funds appear to be attracting new investment.
Stay tuned to Digitreport.com for further updates on the cryptocurrency market.
