US spot Bitcoin and Ethereum exchange-traded funds ( ETF ) continued to lose investor funds on October 8th.
Over $1 billion of Bitcoin ETF flowed out in October
Reports indicate that Bitcoin ETF experienced a net outflow of over $820 million across the first six trading days of October, with the pace of capital withdrawal accelerating in the second week.
The largest single-day outflow occurred on October 7th, when investors withdrew $484.9 million from these funds. Subsequently, on October 8th, another outflow of $244.1 million was recorded.
Franklin Templeton (Franklin Templeton)’s (EZBC) is one of the few funds that attracted capital inflows, recording a net inflow of $4.7 million.
Ethereum ETF faces greater selling pressure
Ethereum ETF also faced difficulties in October, with a cumulative net outflow of over $560 million as of October 8th.
On October 6th, there was the largest single-day outflow, with Ethereum funds totaling $201.9 million leaving that day; on October 7th, another outflow of $160.9 million occurred.
On October 8th, BlackRock (BlackRock)'s ETHA experienced a capital outflow of $71.1 million, while Fidelity (Fidelity)'s FETH attracted an inflow of $5.5 million. Grayscale (Grayscale)'s ETHE also saw an outflow of $6.1 million.
Bitcoin and Ethereum prices decline
ETF Capital outflows coincided with a sell-off in the cryptocurrency market. Bitcoin fell by about 0.44% in the past 24 hours and was trading at $82,660 as of October 8th at the time of this report.
Ethereum is also facing selling pressure, and as investors reduce their exposure to high-risk assets, its price is trading around $2,500.
As leveraged traders faced large-scale liquidations, the market downturn intensified further. In the past 24 hours, the cryptocurrency market saw liquidations amounting to approximately $1.19 billion, including $356 million in Ethereum positions and $298 million in Bitcoin positions.
Danielle Walgenbach is a journalist who covers cryptocurrency and financial markets, with over four years of reporting experience. Her expertise lies in breaking down complex financial and economic issues into clear and solid news reports.
