As a seasoned analyst with over two decades of experience navigating volatile markets, I can confidently say that the crypto market’s behavior on October 8 is not entirely surprising. The mixed activity, particularly the net outflow from Bitcoin ETFs, is often a reflection of investors’ varying perspectives and risk appetites.
On October 8th, I noticed a blend of activity in the crypto market. Specifically, US spot Bitcoin Exchange-Traded Funds (ETFs) experienced a net withdrawal of approximately $18.58 million, as per a post by fund analyst Trader T.
Today, the outflow broke a two-day trend of inflows, hinting at differing investment opinions among investors currently. As for Bitcoin, it’s facing challenges in the market with a price of $62,070, displaying a 24-hour volatility of 0.6%, and having a market cap of $1.23 trillion, with a trading volume of $24.44 billion over the last day.
Stop Bitcoin ETFs Show Mixed Performance
On Tuesday, two major players in the Bitcoin ETF sector, Fidelity and Grayscale, experienced significant withdrawals. A total of approximately $48.82 million was withdrawn from Fidelity’s FBTC, while Grayscale’s GBTC also recorded a net withdrawal of around $9.41 million.
Despite both funds playing a significant role in the daily downtrend, the opposite movement of funds within BlackRock’s IBIT ETF helped mitigate the total amount withdrawn on that day.
As a researcher, I’d like to highlight an interesting observation: On that particular day, IBIT was the sole fund that experienced inflows, receiving $39.65 million in investments. This suggests that despite the prevailing market uncertainties, some investors continue to maintain a positive outlook towards Bitcoin.
From my perspective as a researcher, I observed that the nine Exchange-Traded Funds (ETFs) did not register any inflows on Tuesday. Given the minimal activity and lack of movement, it seems plausible to infer that a significant number of investors are opting to stay on the sidelines for the time being.
Ether ETFs Also See Outflows
On Tuesday, U.S.-listed Ethereum ETFs mirrored the trend of their Bitcoin counterparts. They experienced a total withdrawal of $8.19 million, following no activity reported on Monday.
Today saw the highest exits from Bitwise’s ETHW fund, amounting to approximately $4.54 million. Fidelity’s FETH wasn’t far behind with outflows totaling $3.65 million. The remaining seven spot ether ETFs experienced no changes in their holdings.
Initially, Bitcoin was down by 0.12%, trading at $62,405 as of publication. Meanwhile, Ether, denoted as ETH, saw a gain of 0.48%, currently being traded at $2,450 during the same period.
On Tuesday, the inflows into both the Spot Bitcoin and Ether ETFs seem to indicate that volatile Bitcoin prices might have influenced investors’ decisions. This could mean they are trying to decrease their investment in these assets or exploring other potential investments instead.
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2024-10-09 11:58