Bitcoin ETFs recorded a net outflow of $366.59 million, with BlackRock IBIT leading the session
On October 17, both US spot crypto ETFs, Bitcoin and Ethereum, recorded strong outflows. According to SoSoVlaue, Bitcoin ETFs saw $366.59 million outflows, while Ethereum reported $232.28 million.
Bitcoin ETFs recorded a net outflow of $366.59 million, with BlackRock IBIT leading at $268.61 million. Other major funds like Fidelity FBTC and Grayscale GBTC also posted withdrawals of $67.37 million and $25.04 million, respectively. Valkyrie BRRR posted the smallest outflow of the day with $5.57 million.
Neither of the four ETFs posted any inflows for the day. The total trading value surged to $8.20 billion, slightly higher than yesterday. Total net assets came in at $143.93billion, representing 6.75% of the Bitcoin market cap.
Ethereum ETFs saw a net outflow of $232.28 million, with six out of nine ETFs posting withdrawals. BlackRock ETHA led with $146.06 million, and Fidelity FETH followed at $30.61 million. Additional sell-offs were recorded by Grayscale ETHE of $26.13 million and Bitwise ETHW of $20.59 million.
Grasycale ETH $4.69 million and VanEck ETHV $4.21 million reported the smallest outflows for the day. None of the ETFs posted any gains on Friday. The total trading value reached $2.49 billion with net assets of $25.98 million. This marks5.58% of the Ethereum market capitalization.
Bitcoin price has plummeted to $106,743.06, marking a 5.8% decline from last week. Its market cap also slipped to $2.12 trillion, while the 24-hour trading volume surged to $99.48 billion.
Meanwhile, Ethereum hit $3,855.61 on Saturday, showing a 2% drop in 24 hours. Its daily trading volume reached $56.16 billion, with its market cap of $464.93 billion, signalling a weak momentum.
The bullish trend prediction for October has turned extremely bearish as both assets continue to face price decline, with ETF sell-offs.
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