US Crypto ETFs Face Investor Exodus as Bitcoin and Ethereum Prices Slip

On October 20, both US spot crypto ETFs saw a sharp decline in inflows. According to SoSoValue, Bitcoin ETFs dropped to $40.47 million outflows, while Ethereum ETFs reported $145.68 million. 

Bitcoin ETF Breakdown

Bitcoin ETFs recorded $40.47 million in outflows led by BlackRock IBIT’s $100.65 million withdrawal. Other than that, five ETFs posted small inflows including VanEck HODL $21.16 million, Bitwise BITB $12.05 million, Invesco BTCO $9.94 million, and Fidelity FBTC $9.67 million. 

Smallest inflow of the day was reported by Grayscale BTC of $7.36 million. Overall, the total trading value dropped to $4.87 billion, marking a sharp plunge. Net assets came in at $149.66 billion, representing 6.76% of Bitcoin market capitalization. 

Ethereum ETF Breakdown

Ethereum ETFs saw a total outflow of $145.68 million, with only two ETFs posting action. BlackRock ETHA saw $117.86 million in outflows, while Fidelity FETH reported $27.82 million. No inflows were recorded for the day. 

The continued outflows in Ethereum ETFs signals a negative market sentiment for the asset. The total trading value reached $2.15 million, slightly lower than the last week. Total net assets recorded $26.83 billion, marking 5.56% of Ethereum market cap. 

Market Context

Bitcoin continues to experience a bearish trend as the price drops to $107,759.93. It fell around 3.19% in a day with a 24-hour trading volume of $62.34 billion.

Meanwhile, Ethereum is also facing similar market tension. Its price has dipped around $3,887.54 amid the market volatility. This marks a 4.55% decline from the previous day, as its market capitalization and daily trading volume also decline.