On October 8, 2024, there was a significant outflow of $49.2 million in Bitcoin ETFs, with Fidelity’s FBTC ETF leading the declines at $48.8 million. However, BlackRock’s IBIT ETF stood out as the only notable inflow, adding $39.6 million. Other major ETFs such as Ark, Bitwise, Invesco, and Grayscale did not report significant activity on that day.
The following day, on October 9, the outflows continued, resulting in a total net loss of $30.6 million in Bitcoin ETFs. Ark’s ARKB ETF experienced the largest outflow, losing $44.5 million, while BlackRock’s IBIT ETF saw a modest inflow of $13.9 million. Fidelity’s FBTC ETF and other major ETFs did not report any inflows or outflows, indicating a quiet day in the Bitcoin ETF market.
In contrast, Ethereum ETFs saw a total outflow of $8.1 million on October 8, primarily driven by Fidelity’s FETH ETF and Bitwise’s ETHW ETF. However, on October 9, there was no reported activity across all Ethereum ETFs, suggesting a pause in investor activity in Ethereum-backed products following the previous day’s outflows.
The continued outflows in Bitcoin ETFs, especially from Ark and Fidelity, indicate ongoing investor caution in the market. BlackRock’s IBIT ETF remains one of the few funds consistently attracting inflows. On the other hand, Ethereum ETFs saw limited activity, with modest outflows on October 8 and no significant movement on October 9, signaling a period of market consolidation as investors reassess their positions in both Bitcoin and Ethereum assets. This trend reflects the current sentiment and uncertainty surrounding the cryptocurrency market.