Bitcoin ETFs Lose $244M on Oct. 8 in Second Straight Day of Outflows
US spot bitcoin ETFs shed $244 million on Oct. 8 as Fidelity's FBTC lost $197 million and only EZBC gained. Ether ETFs lost $72.5 million, an 8th straight day.
US spot bitcoin ETFs bled another $244 million on Thursday, Oct. 8, a second straight day of net outflows after Wednesday's $487 million, the worst day since June. The figures come from SoSoValue data reported by PANews and ChainCatcher. Nearly all of the damage came from a single fund: Fidelity's FBTC lost $197 million, about four-fifths of the day's total.
Details
Franklin Templeton's EZBC was the only fund to take in money, adding $4.71 million and lifting its cumulative net inflow since launch to $330 million. FBTC's cumulative net inflow slipped to $10.52 billion after Thursday. BlackRock's IBIT, the market's largest fund, which shed $208 million on Wednesday, is not named among Thursday's outflow leaders. Cumulative net inflows into all US spot bitcoin ETFs fell to $57.09 billion, and total net assets dropped to $104.91 billion, or 6.38% of bitcoin's market cap, down from $107.4 billion and 6.41% a day earlier.
Two red days have erased October's early gains. According to TFTC's flow table, the funds gathered $321.5 million over the month's first four sessions, Wednesday took out $487.1 million, and with Thursday included the month is now roughly $410 million in the red.
Ether ETFs extended their losing streak to eight trading days. Per SoSoValue data cited by PANews, the funds lost $72.5 million on Oct. 8, down from $161 million on Wednesday and $202 million on Oct. 6. BlackRock's ETHA accounted for almost all of it at $71.1 million out, while Fidelity's FETH (+$5.5 million) and the Morgan Stanley Ethereum Trust (+$1.3 million) saw inflows. Ether ETFs hold $15.64 billion in assets, with cumulative net inflows of $13.32 billion.
What it means for the market
The redemptions landed on a jittery market. Bitcoin broke below $81,000 on Thursday evening as crypto-wide liquidations topped $1 billion, and the bounce back to $82,000 came overnight, after Trump ruled out a strike on Iran before the midterms. Thursday's outflow was far smaller than Wednesday's and concentrated in one issuer, whereas a day earlier nearly every fund was selling. That looks more like a wave fading than one gathering pace, but two consecutive red days for bitcoin funds and eight for ether funds show institutional demand has not come back yet.
Friday's session is the next test: a return to inflows would leave October's first half close to flat. For live bitcoin and ether prices and derivatives positioning, see the daily dashboard.
