Spot Bitcoin and Ethereum ETFs experience joint outflow day

Spot Bitcoin ETFs in the U.S. broke their two-day inflow streak on Oct 8, registering a day of negative flows, while spot Ether ETFs followed suit, logging outflows after a day of stagnation.

According to data from SoSoValue, the 12 spot Bitcoin ETFs saw net outflows totaling $18.66 million, signaling a potential 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 outflows

Fidelity’s Bitcoin ETF bore the brunt of the outflows, with $48.82 million exiting the fund on Oct. 8. This shift marks a stark contrast from the previous trading day when FBTC posted the highest inflows among all spot Bitcoin ETFs, gaining $103.7 million.

Grayscale’s Bitcoin Trust, another major player in the spot Bitcoin ETF market, added to the negative trend. After a day of no recorded activity, GBTC saw $9.41 million in outflows, continuing its challenging streak. Since its launch, GBTC has experienced $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 sole ETF to register positive flows on the day. IBIT attracted $39.57 million in inflows, partially offsetting the overall negative trend.

The remaining nine spot Bitcoin ETFs remained neutral, with no recorded inflows or outflows on Oct. 8. However, total trading volume across all Bitcoin ETFs surged to $1.35 billion, a sharp increase from the previous day’s activity. Cumulatively, U.S. spot Bitcoin ETFs have drawn in a net total of $18.72 billion since their inception.

At the time of reporting, Bitcoin (BTC) was trading sideways, hovering at $62,230—a price level that may have contributed to the hesitation among investors to further engage with these funds.

Spot Ethereum ETFs follow Bitcoin’s downtrend

Spot Ethereum ETFs also mirrored Bitcoin’s performance, with outflows recorded across the market. The nine spot Ether ETFs saw net outflows of $8.19 million on Oct. 8, following a day of neutral activity.

Fidelity’s FETH and Bitwise’s ETHW were the most affected, with $3.65 million and $4.54 million in outflows, respectively. The remaining seven Ethereum ETFs reported no significant activity, maintaining zero flows.

In addition to the outflows, trading volume for Ethereum ETFs dropped significantly, falling to $102.37 million from $118.43 million the previous day. The spot Ether ETFs have experienced a cumulative total net outflow of $561.85 million since their introduction, reflecting persistent investor caution in the Ether market.

At the time of publication, Ethereum (ETH) was exchanging hands at $2,434.