The post Crypto Crash Wipes Out $672 Million from Bitcoin and Ethereum ETFs in 48 Hours appeared first on Coinpedia Fintech News
On October 30, both U.S. spot ETFs continued their two-day streak of sell-offs. Bitcoin ETFs recorded $488.43 million in outflows, while Ethereum ETFs recorded $184.31 million. Neither of the funds recorded any gains for the day, as per SoSoValue data.
Bitcoin ETFs Breakdown
Bitcoin ETFs saw a combined $488.43 million in inflows, with BlackRock reporting the largest of $290.88 million. Other funds like Ark & 21Shares ARKB $65.62 million, Bitwise BITB $55.15 million, and Grayscale GBTC $10.01 million, posted a moderate amount of sell-offs.
Smallest ETF outflows were posted by Grayscale BTC $8.49 million, Invesco $7.9 million, and VanEck HODL $3.78 million. Eight out of twelve funds posted withdrawals with no inflows.
The total trading value dropped to $5.17 billion, with net assets coming at $143.94 billion. This represents 6.71% of the Bitcoin market cap.
Ethereum ETF Breakdown
Ethereum ETFs recorded a total net outflow of $184.31 million. All eight funds posted withdrawals, except for Grayscale ETHE. BlackRock led the session with $118.00 million outflow, while Invesco QETH posted the smallest with $2.02 million.
Bitwise ETHW, Fidelity FETH, and Grayscale ETH withdrew $31.14 million, $18.53 million, and $4.52 million, respectively. Other smaller sell-offs were reported by Franklin EZET of $4.23 million, and 21Shares TETH $3.15 million.
The total trading value reached $209 billion, slightly lower than yesterday. Total net assets came in at $24.99 billion, representing 5.51% of the Ethereum market cap.
Market Context
Bitcoin price noted a little progress on Friday of 0.57%, reaching around $109,750.27. Its daily trading volume of $$69.48 billion, and market cap of $2.18 trillion also surged.
Meanwhile, the Ethereum price fell by 0.93% in 24 hours, trading around $3,867.97. The token’s trading volume reached $39.48 billion, and its market cap is now around $466.68 billion.