The post $242M Outflow as Middle East Tensions Rise appeared on BitcoinEthereumNews.com.

U.S. spot Bitcoin ETFs experienced significant outflows on Tuesday, October 1. The ETFs saw aggregate outflows of $242.6 million on Tuesday. BlackRock bought the dip, adding 660 Bitcoins to their holdings. U.S. spot Bitcoin ETFs saw significant outflows on Tuesday, October 1st, as Bitcoin dropped below $61,000 due to rising tensions in the Middle East. Data from Farside Investors indicates that the ETFs had aggregate outflows of $242.6 million, the second-largest outflow in nearly a month, with BTC ETFs experiencing a $288 million outflow on September 3. Tuesday’s outflows ended an 8-day streak of inflows for Bitcoin ETFs, which saw $494 million flow into these products on September 27th, leading many analysts to confirm bullish sentiment for Bitcoin. Notably, BTC ETFs had a $365 million inflow the previous day as well. Farside Investors’ data shows that Fidelity’s FBTC led the outflows with $144.7 million, representing over 50% of the total daily outflows. ARK 21Shares Bitcoin ETF followed with an $84.3 million loss, while the Bitwise Bitcoin ETF had a $32.7 million outflow. Other ETFs that registered losses include the VanEck Bitcoin ETF, which had a $15.8 million outflow, and the Grayscale Bitcoin Trust, which lost $5.9 million. Invesco, Franklin, Valkyrie, WisdomTree, and Grayscale’s Mini Bitcoin Trust did not experience any outflows or inflows. Read also: Bitcoin ETF Outflows Accelerate, Grayscale’s GBTC Sees Biggest Losses Despite the large outflows from most Bitcoin ETF products, BlackRock’s iShares Bitcoin Trust (IBIT) continued its bullish trend and recorded a $40.8 million inflow on Tuesday. IBIT was the only U.S. spot Bitcoin ETF product with a positive inflow for the day. Tuesday’s inflow marked its 15th consecutive day without an outflow. Outflows Coincide with Middle East Tensions Tuesday’s outflows coincided with Iran’s missile attack on Israel, suggesting that investors reacted to the rising tension in…

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Filed under: News - @ October 2, 2024 11:21 am