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$3.68B Bitcoin ETF Trading Shows Strong Demand Despite Ethereum Exodus

Published by
Zameer Attar

On October 23, the U.S. spot Bitcoin exchange-traded funds (ETFs) recorded $20.33 million in inflows, followed by BlackRock’s standout performance. Ethereum ETFs on the other side reported outflow of $127.51 million, as per SoSoValue data. 

Bitcoin ETF Breakdown

Bitcoin ETFs saw a combined $20.33 million in inflows, with BlackRock IBIT leading at $107.78 million. Additional gains were made by Bitwise BITB of $17.41 million, Fidelity FBTC $7.22 million, and Grayscale BTC’s $3.42 million. 

Two funds, Grayscale GBTC and Ark & 21Shares ARKB, reported outflows of $60.49 million and $55.02 million, respectively. 

With six out of twelve funds posting ETF action, the total trading value reached $3.68 billion, signalling a sharp drop from the previous day. Net assets came in at $149.43 billion, representing 6.84% of the Bitcoin market cap. 

Ethereum ETF Breakdown

Ethereum ETFs withdrew $127.51 million, showing a growth in outflow from yesterday. Fidelity FETH dominated the session with $77.04 million in withdrawals, as BlackRock ETHA followed with $23.35 million. 

Additional sell-offs were made by Bitwise ETHW $8.85 million, Grayscale ETH $6.91 million, and Grayscale ETHE $5.71 million. Out of six reporting funds, VanEck ETHV posted the smallest outflow of the day with $5.65 million. 

The total trading value of Ethereum ETFs dropped to $1.52 billion with total net assets of $26.02 billion, representing 5.63% of the Ethereum market cap. 

Market Context

Bitcoin is currently trading at $111,244.05, showing a 2.02% surge from the previous day. But its daily trading volume dropped to around $52.96 billion with a market cap of $2.21 trillion. 

Meanwhile, Ethereum is also showing similar progress in its price, trading at $3,970.23. This marks 3.04% higher than yesterday. Its 24-hour trading volume dipped around 11.59%, reaching $37.36 billion on Friday, with a market cap of around $480 billion.

Zameer Attar

Zameer is a financial analyst and writer with a particular interest in cryptocurrency markets. He has been studying cryptocurrencies and their market behavior for several years and deeply understands the factors that affect the price of cryptocurrencies. His expertise lies in his ability to use both technical and fundamental analysis to make informed predictions about the future direction of cryptocurrency prices. He has a strong understanding of market sentiment and uses this to inform his trading decisions and price predictions.

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