The post Spot Bitcoin ETFs record second consecutive outflow day amid geopolitical uncertainty appeared on BitcoinEthereumNews.com.

U.S. spot Bitcoin exchange-traded funds experienced a second consecutive day of outflows on Oct. 2, as Bitcoin’s price dropped below $61,000, driven by escalating tensions in the Middle East. According to data from SoSoValue, the 12 U.S.-listed spot Bitcoin ETFs recorded $91.76 million in net outflows, continuing from the previous day’s $242.53 million withdrawal. ARK 21Shares’ ARKB fund led the outflows, with $60.26 million exiting the fund, marking its third consecutive day of losses. Grayscale’s flagship GBTC followed closely, registering $27.31 million in outflows, bringing its total withdrawals since inception to $20.12 billion. Notably, BlackRock’s IBIT ETF saw its first negative flow in almost a month, with $13.74 million withdrawn. This marks a shift from its previous strong performance, although the fund has still managed to attract $21.52 billion in inflows since its launch. Bitwise’s BITB also experienced significant outflows, with $11.51 million leaving the fund. In contrast, Fidelity’s FBTC ETF stood as the only outlier on the day, posting inflows of $21.08 million, partially offsetting the broader trend of outflows across the market. The overall trading volume across the 12 Bitcoin ETFs fell significantly, dropping to $1.66 billion on Oct. 2 from $2.53 billion the day before. Despite this recent downturn, these funds have attracted a cumulative $18.53 billion in net inflows since their respective launches, indicating that long-term institutional interest in Bitcoin ETFs remains resilient. Eric Balchunas, Senior ETF Analyst at Bloomberg, recently noted BlackRock’s IBIT and Fidelity’s FBTC as top performers in terms of assets under management among ETFs launched since 2020. Both funds were introduced following the 2022 bear market, indicating the growing institutional focus on Bitcoin despite prevailing market volatility. Bitcoin price under pressure as geopolitical risks mount The recent wave of outflows aligns with Bitcoin’s (BTC) price struggles, as the cryptocurrency fell to a…

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Filed under: News - @ October 3, 2024 7:18 am