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US spot Bitcoin ETF saw outflows of $635.6 million on Thursday, erasing nearly 60% of the approximately $1.07 billion in net inflows over the previous three days, and bringing October back to a net outflow of around $176 million.
Ethereum ETF saw outflows of $110.6 million, while Solana ETF had outflows of $8.9 million.
The price of Bitcoin remains relatively stable, hovering around $81,460; however, Myriad traders have lowered the probability of Bitcoin breaking through $87,500 this month.
The October rebound of Bitcoin ETF only lasted for one trading day.
According to the ETF tracker of Decrypt, US spot Bitcoin ETF saw outflows of $635.6 million on Thursday, wiping out nearly 60% of the approximately $1.07 billion in funds attracted by these funds in the previous three trading days. This is the largest single-day outflow of the month, surpassing the $484.9 million outflow on October 7th; which was also the worst day since June.
This reversal has caused October to fall back into the negative range again. On Wednesday, the net inflow of these funds for the month once rose to about $460 million, but now it has turned into a net outflow of about $176 million. The cumulative net inflow since their launch has dropped to $57.8 billion, with a total net asset value of $100.2 billion.
Ethereum ETF also exhibited the same trend; on the day following a five-day consecutive net outflow, another $110.6 million was drained. This brings its total outflow for October to approximately $1.18 billion. Solana ETF saw an outflow of $8.9 million, resulting in a monthly outflow of around $68 million, with only two days in October recording a net inflow.
Bitcoin funds were launched in January 2024 and have since attracted a net inflow of $57.8 billion; Ethereum funds were launched in July of the same year and have attracted $12.7 billion to date. The Solana fund was launched at the end of last year. Since the issuers disclose the flow of funds on a daily basis, and a large portion of this capital comes from institutions and financial advisors, these data have become one of the most closely watched indicators for observing investor sentiment.
Yesterday's selling pressure coincided with the weak performance of global markets. Oil prices rose above $111 per barrel, and AI stocks fell, dragging down the S&P 500 and global markets. The Federal Reserve will hold its next meeting on October 27th to 28th, and traders expect it to "hold its fire" – that is, not raise interest rates; this is usually favorable for risk assets such as cryptocurrencies.
Despite a significant outflow of funds from ETF, there were almost no noticeable fluctuations in prices. On Friday, Bitcoin traded around $81,460, remaining stable within 24 hours, and fell by 0.4% for the week; Ethereum dropped by 0.2% to around $2,400, while Solana fell by 0.3% to about $104. The 30-day decline was even more pronounced: Bitcoin lost 4.8%, Ethereum fell 11.4%, and Solana fell by 10.4%.
The total market value of cryptocurrencies remains at around $2.85 trillion, with trading volume dropping by 20% to $67.1 billion. Analysts told Decrypt that Bitcoin has entered a wait-and-see mode, which may not necessarily be a bad thing for the market.
In the predictive market Myriad developed by Decrypt's parent company Dastan, traders have lowered their bets on a breakout market in October.
They currently believe that the probability of Bitcoin breaking through $87,500 before the end of the month is 17%, which is lower than the 20% from the previous day; the probability of reaching $90,000 is 9%. They think the probability of Bitcoin falling to $77,500 is 32%. The sentiment in the open market for Myriad is more optimistic. Users believe that the probability of Ethereum rising to $3,000 before falling to $1,500 is 61.3%; for Solana, the probability of it rising to $160 before falling to $40 is 54.9%.
Disclaimer
The views and opinions expressed by the author are for reference only and do not constitute financial, investment, or other advice.
