Key takeaways
- US spot Bitcoin and Ethereum ETFs recorded a combined $150.8 million in net outflows on Oct. 12.
- BlackRock led the withdrawals for both assets, with IBIT posting $65.4 million in Bitcoin ETF outflows and ETHA recording $75.1 million in Ethereum ETF outflows.
- The ETF selling coincided with weakness in crypto prices, as Bitcoin fell below $82,000 and Ethereum dropped toward $2,425.
US spot Bitcoin and Ethereum exchange-traded funds (ETFs) started the week on a negative note after recording approximately $150.8 million in combined net outflows on Monday, Oct. 12.
According to data from Farside Investors, Bitcoin ETFs recorded $65.4 million in net withdrawals, while Ethereum ETFs experienced $85.4 million in outflows. The latest figures suggest that institutional demand is under pressure after a difficult start to October for both cryptocurrencies.
Bitcoin ETFs Extend Their Struggles as BlackRock Sees Withdrawals
Bitcoin ETFs recorded $65.4 million in net outflows on Monday, with BlackRock's iShares Bitcoin Trust (IBIT) accounting for the entire amount.
BTC ETF flows (Source: Farside Investors)
Interestingly, the remaining Bitcoin ETFs, including Fidelity's FBTC and Grayscale's GBTC, reported no net inflows or outflows during the session.
The latest withdrawals followed a particularly difficult week for Bitcoin investment products. Between Oct. 5 and Oct. 9, spot Bitcoin ETFs experienced approximately $678.9 million in net outflows.
Ethereum ETFs Lose $85 Million as Institutional Demand Weakens
Ethereum ETFs performed even worse than their Bitcoin counterparts, and recorded $85.4 million in net outflows on Oct. 12.
ETH ETF flows (Source: Farside Investors)
BlackRock's iShares Ethereum Trust (ETHA) led the withdrawals with $75.1 million leaving the fund, while Grayscale's Ethereum Mini Trust (ETH) recorded another $10.3 million in outflows. All other Ethereum ETFs reported flat flows.
Ethereum funds have faced sustained selling pressure throughout October, with the latest figures bringing their month-to-date net outflows to approximately $788.8 million.
Bitcoin and Ethereum Prices Slide as Crypto Liquidations Surge
The ETF withdrawals coincided with another volatile trading session for the cryptocurrency market. Bitcoin briefly recovered above $84,000 before reversing course and falling below $82,000. By Monday evening, BTC was trading around $81,382, but the crypto king was able to recover to $83,503 at press time.
Ethereum also suffered losses, and fell toward $2,425 as selling pressure intensified. The cryptocurrency market experienced approximately $771 million in liquidations over 24 hours, including $685.6 million in long positions.
Although prices subsequently showed signs of recovery, the combination of ETF outflows and heightened market volatility raises questions about whether Bitcoin and Ethereum can regain momentum during the remainder of October.