Spot Bitcoin ETF Continues Outflow Streak, ARKB Leading Charge
The Spot Bitcoin ETF continued its streak of outflows on October 3, 2024 (Eastern Time), with issuers witnessing funds worth $54.2 million moving out of the system. ARKB led the charge with an outflow contribution of $58 million, followed by Fidelity's FBTC, which saw approximately $37.2 million leave the system. The Net Asset Value of Spot Bitcoin ETFs stood at $56.31 billion, with a Net Asset Ratio of 4.69% on the previous day. The historical cumulative net inflow showed $18.5 billion, with BlackRock bringing in around $21.55 billion, helping to offset Grayscale's outward pressure to some extent.
Positive Flows Reported by BlackRock's IBIT and Bitwise's BITB
BlackRock's IBIT and Bitwise's BITB reported positive flows of $36 million and $2.6 million, respectively. Invesco's BITCO also joined them, contributing an inflow of $2.4 million. Among these three issuers, Bitwise stands out in terms of fees, charging only 0.20%, while others charge 0.25% to their holders. However, numbers from Grayscale and Grayscale Mini Trust remained outside the frame in the recent report.
Spot ETFs in Third Consecutive Day of Outflows
The streak of outflows from BTC Spot ETFs entered its third day, with values declining rather than being collectively embraced by the Market. The streak started on October 1, 2024, with a value of $242.6 million, followed by a net outflow of $64.4 million on October 2, 2024. Notably, BlackRock only recorded an outflow of $13.7 million on October 2, the first time since September 16, 2024.
Bitcoin Experiences Downtrend Amid Short-Term Bullish Predictions
At the current press time, the value of BTC has been on a downtrend, falling by 6.29% in the last seven days. However, there was a slight surge of 0.10% in the last 24 hours, pushing Bitcoin's value to $61,217.53. Short-term predictions for Bitcoin are bullish, with speculation suggesting that the cryptocurrency could reach as high as $80,000 by the end of October. This milestone has long been anticipated by Bitcoin enthusiasts.
Spot Ether ETFs Follow Similar Trend, Historical Cumulative Outflow at $555.4 Million
Spot Ether ETFs also experienced outflows, with funds worth $3.2 million leaving the system on the same day. Grayscale led the charge with an outflow of $14.7 million, followed by Fidelity with an outward movement of $0.6 million. Another day of outflows would mark a second consecutive streak for Spot Ether ETFs, with the historical cumulative total net outflow standing at $555.4 million, BlackRock with an inflow of $1.17 billion, and Grayscale registering a total net outflow of $2.94 billion.
ETH Price Fluctuations Amid Bullish Sentiments
ETH is currently trading at $2,380.61, down by 0.05% in the last 24 hours and 10.51% in the last seven days. Despite the fall, the sentiments of ETH enthusiasts remain optimistic, as they anticipate a move within a defined range. Investors express bullishness that Ether will navigate around the decline and potentially achieve a new All-Time High (ATH) amid Market surges.
Future Outlook
As the trend of outflows from both BTC and ETH ETFs continues, investors will closely monitor Market developments and performance indicators. The upcoming days may shed more light on whether the outflow streak will persist or if there will be a shift in sentiment that could lead to a reversal in the trend. Additionally, with short-term bullish predictions for BTC and optimistic sentiments surrounding ETH, the cryptocurrency Market is poised for further exploration and Growth in the near future.
