The post $3.68B Bitcoin ETF Trading Shows Strong Demand Despite Ethereum Exodus appeared first on Coinpedia Fintech News
On October 23, the U.S. spot Bitcoin exchange-traded funds (ETFs) recorded $20.33 million in inflows, followed by BlackRock’s standout performance. Ethereum ETFs on the other side reported outflow of $127.51 million, as per SoSoValue data.
Bitcoin ETF Breakdown
Bitcoin ETFs saw a combined $20.33 million in inflows, with BlackRock IBIT leading at $107.78 million. Additional gains were made by Bitwise BITB of $17.41 million, Fidelity FBTC $7.22 million, and Grayscale BTC’s $3.42 million.
Two funds, Grayscale GBTC and Ark & 21Shares ARKB, reported outflows of $60.49 million and $55.02 million, respectively.
With six out of twelve funds posting ETF action, the total trading value reached $3.68 billion, signalling a sharp drop from the previous day. Net assets came in at $149.43 billion, representing 6.84% of the Bitcoin market cap.
Ethereum ETF Breakdown
Ethereum ETFs withdrew $127.51 million, showing a growth in outflow from yesterday. Fidelity FETH dominated the session with $77.04 million in withdrawals, as BlackRock ETHA followed with $23.35 million.
Additional sell-offs were made by Bitwise ETHW $8.85 million, Grayscale ETH $6.91 million, and Grayscale ETHE $5.71 million. Out of six reporting funds, VanEck ETHV posted the smallest outflow of the day with $5.65 million.
The total trading value of Ethereum ETFs dropped to $1.52 billion with total net assets of $26.02 billion, representing 5.63% of the Ethereum market cap.
Market Context
Bitcoin is currently trading at $111,244.05, showing a 2.02% surge from the previous day. But its daily trading volume dropped to around $52.96 billion with a market cap of $2.21 trillion.
Meanwhile, Ethereum is also showing similar progress in its price, trading at $3,970.23. This marks 3.04% higher than yesterday. Its 24-hour trading volume dipped around 11.59%, reaching $37.36 billion on Friday, with a market cap of around $480 billion.