The post Rising Middle East Tensions Trigger Massive Bitcoin ETF Outflows appeared on BitcoinEthereumNews.com.

The Fidelity Wise Origin Bitcoin Fund and ARK 21Shares Bitcoin ETF were hit hardest, while BlackRock’s iShares Bitcoin Trust recorded inflows. Ethereum ETFs also faced outflows, losing $48.6 million. Bitcoin’s price also dropped over 3% as investors looked for safer assets like gold and oil. On the other hand, CleanSpark’s CEO predicted that Bitcoin could reach $200,000 in 18 months, driven by election cycles, the halving from earlier in the year, and expected rate cuts from the Federal Reserve. Bitcoin ETFs Face $243 Million Exodus Institutional investors seem shaken by the escalating tensions in the Middle East, as US spot Bitcoin exchange-traded funds (ETFs) have been hit by major outflows. On Oct. 1, these ETFs experienced close to $243 million in outflows, which was their largest outlows in almost a month. According to data from Farside Investors, this outflow happened after an earlier, larger exodus of $288 million on Sept. 3. The recent outflow was also the third-largest in the past five months, and broke an eight-day streak of consecutive inflows for spot Bitcoin ETFs that peaked at $494 million on Sept. 27. Bitcoin ETF flow (Source: Farside Investors) Among the ETFs, the Fidelity Wise Origin Bitcoin Fund was hit the hardest as it lost $144.7 million, followed by the ARK 21Shares Bitcoin ETF, which saw outflows of $84.3 million. Other outflows included $32.7 million from the Bitwise Bitcoin ETF, $15.8 million from the VanEck Bitcoin ETF, and $5.9 million from the Grayscale Bitcoin Trust.  In contrast, BlackRock’s iShares Bitcoin Trust was the sole fund to record positive flows, adding $40.8 million to its assets. This also contributed to its impressive 15-day streak of inflows. Ethereum ETF flow (Source: Farside Investors) Ethereum ETFs were not immune to the sell-off either, as the nine US spot Ether products saw $48.6 million…

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Filed under: News - @ October 2, 2024 12:15 pm