The post Bitcoin ETF Outflows Hit $23.8M, Ethereum ETFs Reach October Highs appeared first on Coinpedia Fintech News
On October 7, US spot Bitcoin ETFs saw an outflow of $23.81 million, seeing a sharp drop from their second-highest inflows of $1.19 billion the previous day. Ethereum ETFs, on the other hand, surged to $420.87 million in inflows, as per SoSoValue data.
Bitcoin ETF Breakdown
Unlike the previous day, only two ETFs in Bitcoin posted action. It recorded a total outflow of $23.81 million, led by Grayscale’s GBTC of $28.62 million. Valkyrie BRRR is the only ETF to record inflows for the day of $4.81 million.
Despite the decline in ETF inflows, the total trading value reached $7.78 billion, marking a sharp surge. Total net assets attracted $167.36 billion, representing 6.78% of the Bitcoin market cap.
Ethereum ETF Breakdown
Ethereum ETFs saw a total inflow of $420.87 million, with BlackRock ETHA leading at $437.51 million. Additional gains were made by Grayscale ETH of $5.48 million and 21Shares TETH of $3.58 million. Fidelity FETH became the only ETF to record an outflow for the day of $25.70 million.
Four out of nine Ethereum ETFs posted investment activity, as the total trading value reached $4.05 billion. This marks the highest trading value in October. Net assets came in at $30.86 billion, representing 5.67% of total Ethereum market capitalization.
Market Context
Bitcoin is currently trading at around $121,215, just 3.7% short of its all-time high. Its market capitalization has reached $2.420 trillion, supported by a 24-hour trading volume of $79.323 billion.
Meanwhile, Ethereum is priced at $4,436.12 with a market cap of $535.252 billion and a daily trading volume of 52.25 billion.
Both assets continue to benefit from growing interest in the ETFs. Apart from that, political uncertainties, like the U.S. government shutdown, have also favored the price by driving investors towards crypto as a safe-haven asset.