Spot Bitcoin ETFs Suffer $91.76M Loss as Ethereum ETFs Rebound
U.S. spot bitcoin exchange-traded funds (ETFs) experienced another day in the red, with $91.76 million flowing out of the funds. However, spot ethereum ETFs showed some resilience, pulling in $14.45 million in fresh inflows on Wednesday.
Bitcoin ETFs Experience Outflows as Ethereum ETFs Rise Above
On Oct. 2, 2024, the 12 U.S.-based spot bitcoin ETFs faced a collective outflow of $91.76 million. The dayâs trade volume hit $1.66 billion, with Ark Invest and 21sharesâ ARKB leading the downturn, losing $60.28 million. Grayscaleâs GBTC followed with a $27.31 million dip, while Blackrockâs IBIT saw a $13.74 million decline, and Bitwiseâs BITB lost $11.51 million.
Offering a silver lining, Fidelityâs FBTC managed to bring in $21.08 million in positive inflows. The remaining bitcoin ETFs ended the day mostly flat, without notable gains or losses. Meanwhile, ethereum ETFs saw brighter results, with $14.45 million in inflows from $197.82 million in trade volume.
Blackrockâs ETHA stood out as the biggest winner, adding $18.04 million. Franklin Templetonâs EZET also saw a modest gain of $1.81 million. On the flip side, Grayscaleâs ETHE lost $5.4 million, while the rest of the ethereum ETFs wrapped up the day with no significant changes. The $14.45 million gain reduces the cumulative net outflows since July 23 to $557.86 million.
All nine ethereum funds hold $6.51 billion worth of ETH, representing 2.27% of the total market cap of ethereum. In comparison, the $91.76 million loss brings the 12 spot bitcoin ETFsâ cumulative net inflows to $18.53 billion since Jan. 11. According to sosovalue.xyz data, these funds now collectively hold $55.85 billion in BTC, which accounts for 4.64% of bitcoinâs total market value.
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