The post Bitcoin ETF Outflows Top $100 Million as Ethereum Also Declines appeared first on Coinpedia Fintech News
On October 22, both US spot crypto ETFs reported negative inflows, showing a sharp reversal from the previous day. According to SoSoValue, Bitcoin ETFs saw $101.29 million in outflows, while Ethereum recorded $18.77 million.
Bitcoin ETF Breakdown
Bitcoin ETFs recorded a total outflow of $101.29 million, with four ETFs posting withdrawals. Funds like Grayscale GBTC, Fidelity FBTC, and Ark & 21Shares withdrew $56.63 million, $56.56 million, and $53.87 million, respectively.
Bitwise BITB posted the smallest outflows of the day with $9.99 million. Two funds reported inflows as well. BlackRock IBIT added $73.63 million while Valkyrie BRRR recorded $2.14 million in inflows.
The total trading value has dropped from yesterday, reaching $6.58 billion, with net assets reporting at $146.27 billion. This marks 6.81% of the Bitcoin market capitalization.
Ethereum ETF Breakdown
Ethereum ETFs saw a total net outflow of $18.77 million, with Fidelity FETH leading at $49.46 million. Two other funds, Grayscale ETH and Grayscale ETHE, reported withdrawals of $46.57 million and $33.46 million, respectively.
Meanwhile, BlackRock ETHA added gains and reported $110.71 million in inflows. Its total trading volume dropped to $2.63 billion, with net assets of $25.81 billion. This represents 5.66% of the Ethereum market cap.
Market Context
Bitcoin is trading at $108,630.76 right now, showing a little stability there. Its daily trading volume is around $74.61 billion with a market cap of $2.16 trillion.
Ethereum is priced at $3,832.38, showing a 0.89% drop from the previous day. Its 24-hour trading volume also dipped around 15%, reaching $43.07 billion on Thursday. ETH market cap has reached $462.3 billion.
The crypto market is down today. Both crypto assets are still struggling to recover from the aftershocks of geopolitical tensions.