You can also read this news on BH NEWS: U.S. Bitcoin ETFs See Significant Withdrawals
In a surprising turn of events, the U.S. market for spot Bitcoin exchange-traded funds (ETFs) faced substantial outflows on October 22, following a week marked by impressive inflows exceeding $2.6 billion. The ARKB fund, managed by Ark and 21Shares, reported a striking outflow of $79 million on the same day.
Data from SoSoValue indicates that net withdrawals from spot Bitcoin ETFs in the U.S. reached $79.09 million on October 22, entirely attributed to the ARKB fund. Meanwhile, BlackRock’s IBIT fund enjoyed a net inflow of $42.98 million, and Fidelity’s FBTC fund brought in $8.85 million. In contrast, the other eight funds remained stagnant with no recorded activity.
The significant outflow from the ARKB fund has reduced the total net inflows across 12 spot ETFs to $21.15 billion, while daily trading volume saw a notable decline to $1.4 billion from the previous $1.76 billion.
On the same day, spot Ethereum ETFs experienced some activity, with a total net inflow of $11.94 million coming solely from BlackRock’s ETHA fund. The remaining eight Ethereum ETFs reported no net inflows, reflecting a mixed performance in the market.
Spot Ethereum ETFs achieved a trading volume of $118.4 million, down from the previous day’s $163.18 million. As of the latest update, Ethereum (ETH) was valued at $2,611, indicating a slight decrease of 0.99%. Despite their introduction, spot Ethereum ETFs have accumulated total net outflows of $488.85 million.
Key takeaways from the recent market activity include:
The recent market dynamics suggest a cautious sentiment among traders, particularly regarding the performance of Bitcoin ETFs. With fluctuations in inflows and outflows, investors are closely monitoring future trends.
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