Bitcoin ETFs Hit by $94M Outflow Amid Crypto Market Weakness
The post Bitcoin ETFs Hit by $94M Outflow Amid Crypto Market Weakness appeared first on Coinpedia Fintech News
On October 15, both US spot ETFs, Bitcoin and Ethereum, experienced a significant decline. Bitcoin ETFs recorded a net outflow of $94.00 million, while Ethereum ETFs saw gains of $5.32 million, as per the SoSoValue report.
Bitcoin ETF Breakdown
Bitcoin ETFs saw an outflow of $94.00 million, marking a notable drop. Only two of its ETFs posted action of sell-offs. Grayscale GBTC recorded $82.90 million, and Invesco BTCO $11.10 million in withdrawals.
Neither of the ETFs posted any gains for the session. Its total trading value also dropped to $4.55 billion with total net assets of $152.66 billion. This represents 6.82% of the Bitcoin market cap.
Ethereum ETF Breakdown
Ethereum ETFs recorded a combined $5.32 million in inflows, with two ETFs posting gains. Bitwise ETHW and Fidelity FETH added $12.31 million and $9996.44K, respectively.
21Shares TETH was the only ETF to report an outflow of $7.98 million. Its total trading value plummeted to $2.14 billion with total net assets of $27.69 billion, marking 5.66% of the Ethereum market cap.
Market Context
Bitcoin is trading at $111,584, down 8.2% from last week. Its market cap is $2.22 trillion, with a daily trading volume of $69.47 billion, showing weak market momentum.
Ethereum is at $4,015, slightly lower than yesterday. Its 24-hour trading volume is $47.22 billion, and its market cap is $483.33 billion, both slightly down.
The crypto market has been weakening since the October 10 selloff. Concerns over the US-China trade war and tariffs triggered the drop. Geopolitical tensions, overleveraging, and large liquidations have also added pressure.
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