Bitcoin Spot ETFs Market See $243M Net Outflow, More Outflow Coming?
The sudden outflow of huge amounts of capital from the Bitcoin spot ETF market raised many questions over the potential start of real gigantic bull sentiments in October.
On 1 Oct 2024, the Bitcoin market faced a significant capital outflow from Bitcoin spot ETFs. On this day, the market saw a total net outflow of $243 million. This marks the first net outflow after eight days of continuous inflows. Fidelity’s FBTC led the outflows with $144 million, followed by ARK’s ARKB, which saw $84.35 million in withdrawals. On the contrary, BlackRock’s ETF IBIT recorded an inflow of $40.835 million, indicating some investor optimism despite the overall negative trend.
On the same day, the Ethereum spot ETF market witnessed a net outflow of $48.519 million. ETHE and FETH faced outflows of $26.64 million and $24.97 million, respectively.
Due to this sudden outflow of money from the market, Bitcoin’s trade price crashed from the $64.5k level to $60.2k level. That means Bitcoin’s trade price collapsed by nearly 5% within 24 hours, raising big questions over the current bull sentiments.
During the same time period, Ethereum (ETH), the second top-ranked cryptocurrency, saw its trade price crash by nearly 7%. The current trade price of ETH is $2,480, down 6.2% over the last 24 hours.
Despite this downturn, many analysts shared their opinions, stating that the decline is temporary and that a big rally in Bitcoin’s price will soon be visible. Historically, when Bitcoin’s trade price increased in September, the market gained bullish momentum in October.
Read also: Former NSA Agent Snowden Calls Solana (SOL) a Centralised Crypto Network
