On October 17, both US spot crypto ETFs for Bitcoin and Ethereum experienced significant outflows, reflecting a bearish sentiment in the market. According to SoSoValue, Bitcoin ETFs saw outflows totaling $366.59 million, while Ethereum ETFs reported $232.28 million in withdrawals.
**Bitcoin ETF Breakdown**
Bitcoin ETFs recorded a net outflow of $366.59 million. BlackRock’s IBIT led the outflows with $268.61 million withdrawn. Other major funds also posted sizable withdrawals: Fidelity’s FBTC saw $67.37 million leave, and Grayscale’s GBTC recorded $25.04 million in outflows. Valkyrie’s BRRR had the smallest outflow of the day at $5.57 million.
Notably, none of the four major Bitcoin ETFs posted any inflows on October 17. Despite the outflows, total trading volume increased slightly to $8.20 billion, a tad higher than the previous day. The total net assets for Bitcoin ETFs stood at $143.93 billion, representing about 6.75% of Bitcoin’s overall market capitalization.
**Ethereum ETF Breakdown**
Ethereum ETFs experienced a net outflow of $232.28 million on the day, with six out of nine ETFs reporting withdrawals. BlackRock’s ETHA led these outflows, with $146.06 million withdrawn, followed by Fidelity’s FETH at $30.61 million.
Additional sell-offs occurred in Grayscale’s ETHE ($26.13 million) and Bitwise’s ETHW ($20.59 million). The smallest outflows were from Grayscale’s ETH ($4.69 million) and VanEck’s ETHV ($4.21 million). Similar to Bitcoin ETFs, no Ethereum ETFs saw gains during the trading session.
Total trading volume for Ethereum ETFs reached $2.49 billion, with net assets totaling $25.98 billion. This represents approximately 5.58% of Ethereum’s market capitalization.
**Market Context**
Bitcoin’s price sharply declined to $106,743.06, marking a 5.8% drop from the previous week. Its market capitalization slipped to $2.12 trillion, while 24-hour trading volume increased to $99.48 billion.
Meanwhile, Ethereum’s price fell to $3,855.61 on Saturday, showing a 2% decrease within 24 hours. Its daily trading volume climbed to $56.16 billion, with a market cap of $464.93 billion, indicating weak momentum.
What was initially predicted as a bullish trend for October has turned extremely bearish, as both cryptocurrencies continue to face price declines accompanied by notable ETF sell-offs. Investors are closely watching these developments for signs of potential market recovery or further downturns.
https://coinpedia.org/news/bitcoin-and-ethereum-etfs-record-598-million-outflows-as-market-turns-bearish/