Bitcoin and Ethereum ETFs Suffer Nearly $800M in Combined Daily Outflows

U.S. spot Bitcoin and Ethereum exchange-traded funds (ETFs) faced losses totaling nearly $800 million on October 30, indicating a significant shift in investment trends among institutions. According to SoSoValue, Bitcoin ETFs experienced $643 million in withdrawals, while Ethereum products saw an additional $156 million taken out.

However, it is important to note that these withdrawals reflect net fund redemptions and do not necessarily indicate that institutional investors have entirely abandoned ETFs.

Bitcoin ETFs Surrender Previous Inflows

On October 26, Bitcoin ETFs saw significant inflows of $110.3 million, followed by $176 million on October 27 and $137.3 million on October 28. An additional $17.2 million flowed into the funds on October 29, bringing the total cumulative inflows over these four days to approximately $440.8 million.

However, this upward momentum came to an abrupt halt on October 30, when $643.3 million was withdrawn from the funds. This withdrawal exceeded the previous four-day investment gains by about $202.5 million.

During this session, BlackRock’s IBIT experienced the largest outflow, losing $233.7 million. Fidelity’s FBTC closely followed with a decline of $201 million. Other notable withdrawals included ARK 21Shares’ ARKB, down $129.5 million; Grayscale’s GBTC, which declined by $53.3 million; and Bitwise’s BITB, with withdrawals of $25.7 million.

The reason for the outflows is not far-fetched. BTC’s price declined shortly after Binance’s billion-dollar hack on October 29. The crypto exchange saw the largest crypto hack ever, totaling over $6 billion.

Ethereum ETFs Extend Five-Day Outflow Streak

Ethereum ETFs displayed a consistent pattern of outflows, experiencing consecutive daily withdrawals from October 26 to October 30. The funds lost approximately $88.6 million on October 26, $60.2 million on October 27, and $21.4 million on October 28.

Withdrawals increased to $105.5 million on October 29 and reached around $155.85 million on October 30. This brought the total withdrawals over the five days to approximately $431.5 million, indicating sustained redemption pressure rather than a one-time trading adjustment.

BlackRock’s ETHA accounted for $76.64 million of the withdrawals on Thursday. This was followed by Grayscale’s ETH with $34.14 million and ETHE with $21.51 million. BlackRock’s ETHB, Fidelity’s FETH, and Morgan Stanley’s MSSE were among firms that saw outflows. They parted with $19.51 million, $3.33 million, and $720,000, respectively.

Together, the latest Bitcoin and Ethereum ETF withdrawal streaks showed different levels of investor confidence and caution.

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