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US bitcoin spot ETFs broke their two-day inflow streak on October 8, recording a day of negative flows, while Ether spot ETFs did the same, recording outflows after a day of stagnation.
According btc-spot” target=”_blank” rel=”nofollow”>data According to SoSoValue, the 12 bitcoin spot ETFs recorded net outflows totaling $18.66 million, indicating a possible shift in investor sentiment amid a broader market slowdown. This decline comes after these funds collectively attracted an impressive $260.78 million in inflows over the previous two days.
Fidelity's FBTC and Grayscale's GBTC lead exits
The Fidelity bitcoin ETF was the most affected by the outflows, with $48.82 million leaving the fund on October 8. This change marks a stark contrast to the previous trading day, when FBTC recorded the highest inflows among all spot bitcoin ETFs, gaining $103.7 million.
Grayscale's bitcoin Trust, another major player in the bitcoin ETF spot market, added to the negative trend. After a day of no recorded activity, GBTC recorded outflows of $9.41 million, continuing its challenging streak. Since its launch, GBTC has seen $20.15 billion in cumulative outflows, making it a significant contributor to the sector's overall negative momentum.
Despite the widespread outflows, BlackRock's IBIT, the largest bitcoin ETF by assets under management, stood out as the only ETF to post positive flows that day. The IBIT attracted $39.57 million in inflows, partially offsetting the overall negative trend.
The remaining nine spot bitcoin ETFs remained neutral, with no inflows or outflows recorded on October 8. However, total trading volume across all bitcoin ETFs rose to $1.35 billion, a sharp increase from the previous day's activity. Collectively, US bitcoin Spot ETFs have raised a net total of $18.72 billion since their inception.
At the time of writing, bitcoin (btc) was trading sideways, hovering around $62,230, a price level that may have contributed to hesitancy among investors to continue engaging with these funds.
ethereum Spot ETFs Follow bitcoin Downtrend
ethereum spot ETFs also mirrored bitcoin's performance, with outflows recorded across the market. The nine Ether spot ETFs recorded net outflows ofeth-spot” target=”_blank” rel=”nofollow”> $8.19 million on October 8, after a day of neutral activity.
Fidelity's FETH and Bitwise's ETHW were the hardest hit, with $3.65 million and $4.54 million in outflows, respectively. The remaining seven ethereum ETFs reported no significant activity and maintained zero flows.
In addition to the outflows, ethereum ETF trading volume fell significantly, falling to $102.37 million from $118.43 million the previous day. Ether spot 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 this publication, ethereum (eth) was trading at $2,434.
