Key takeaways
- US spot Bitcoin ETFs recorded $261.4 million in net outflows on Oct. 14
- Ethereum ETFs also came under pressure, posting $129.5 million in net outflows
- The renewed ETF selling coincided with weakness in the crypto market, with both BTC and ETH falling over the past 24 hours
US spot Bitcoin and Ethereum exchange-traded funds (ETFs) recorded combined net outflows of approximately $390.9 million on Wednesday, Oct. 14. This reversed the previous day's recovery.
According to data from Farside Investors, Bitcoin ETFs accounted for $261.4 million in withdrawals, while Ethereum ETFs lost another $129.5 million. The new selling happened as both cryptocurrencies struggled to regain momentum during October.
Bitcoin ETFs Lose $261 Million as BlackRock and Fidelity Lead Withdrawals
US spot Bitcoin ETFs recorded $261.4 million in net outflows on Wednesday, reversing the $175.7 million in inflows registered on Oct. 13.
Bitcoin ETF flows (Source: Farside Investors)
BlackRock's iShares Bitcoin Trust (IBIT) led the withdrawals with $110.9 million in net outflows, followed by Fidelity's Wise Origin Bitcoin Fund (FBTC), which lost $152.7 million. Bitwise's BITB was the only fund to record positive flows, and attracted $2.2 million, while the remaining funds reported no net activity.
Despite the latest setback, cumulative net inflows into US spot Bitcoin ETFs are still substantial at approximately $57.03 billion.
Ethereum ETFs Shed $129.5 Million as Institutional Selling Returns
Ethereum ETFs also returned to negative territory on Oct. 14, and recorded $129.5 million in net outflows after attracting $24.8 million the previous day.
Ethereum ETF flows (Source: Farside Investors)
BlackRock's iShares Ethereum Trust (ETHA) accounted for the majority of withdrawals after losing $109.8 million. Grayscale's Ethereum Mini Trust (ETH) followed with $18.8 million in outflows, while 21Shares' EZET recorded $900,000 in withdrawals.
The latest figures extend a challenging period for Ethereum investment products, which experienced particularly heavy selling earlier in October. On Oct. 6 alone, Ethereum ETFs recorded $201.9 million in net outflows, followed by another $160.9 million on Oct. 7.
Nevertheless, cumulative net inflows into US spot Ethereum ETFs remain positive at approximately $13.10 billion.
Bitcoin and Ethereum Prices Slide as Inflation Fears Intensify
The ETF withdrawals coincided with selling pressure across the cryptocurrency market. Bitcoin fell approximately 2.5% over the past 24 hours, and was trading near $81,326 at press time. Ethereum suffered steeper losses, declining more than 5% to trade around $2,400.
The downturn followed hotter-than-expected US inflation data, which increased expectations of another Federal Reserve interest rate hike. Higher borrowing costs typically weigh on speculative assets, including cryptocurrencies.