On Friday, Oct. 10, Bitcoin ETFs experienced net outflows of $4.50 million, ending a positive inflow streak of nine days that had seen over $5 billion injected into these products.
Summary
- On Oct. 10, Bitcoin ETFs reported net outflows of $4.5 million, concluding a nine-day period of positive inflows that amassed over $5 billion. This shift coincided with an 8% decline in Bitcoin’s value.
- Total net inflows across all Bitcoin ETFs remain robust at $62.77 billion, with total assets amounting to $158.96 billion. BlackRock’s IBIT saw an influx of $74.21M; while Bitwise’s BITB (-$37.45M); Grayscale’s GBTC (-$19.21M); and Fidelity’s FBTC (-$10.18M) faced outflows.
- This marks the first negative day since Oct. 1, when ETFs entered a phase of sustained inflows, highlighted by $1.21 billion on Oct. 6 and $875.61 million on Oct. 7. ETF data indicates increasing caution among institutional investors despite price stabilization.
The reversal in fortunes aligns with an 8% drop in Bitcoin (BTC), which fell from a high of $122,000 to a low of $105,000 before rebounding to $111,700.
Total net inflows remain strong at $62.77 billion across all Bitcoin ETF products, with total net assets at $158.96 billion.
This is the first negative day since the inflow streak began on Oct. 1, which saw ETFs gain $675.81 million.
This was succeeded by major inflow days: $1.21 billion on Oct. 6 and $875.61 million on Oct. 7.
Mixed performance across individual Bitcoin ETFs
The outflows on Friday were not consistent across all providers. BlackRock’s IBIT managed to attract $74.21 million in inflows, while several other products recorded redemptions.
Fidelity’s FBTC faced $10.18 million in outflows, Grayscale’s GBTC saw $19.21 million in redemptions, and Grayscale’s BTC product lost $5.68 million.
Ark 21Shares’ ARKB saw $6.21 million in outflows, while Bitwise’s BITB registered the largest single-day redemption at $37.45 million.
Numerous products, including VanEck’s HODL and Invesco’s BTCO, reported zero net flows for the day.
The previous day, Oct. 9, had experienced $197.68 million in inflows, continuing the positive momentum observed throughout the month.
The sharp 8% decrease in Bitcoin’s price, from $122,000 to $105,000, appears to have prompted profit-taking among institutional investors who had built positions during the nine-day inflow period.
Bitcoin’s rebound to $111,700 suggests that the selloff found support at lower levels. However, the ETF outflows indicate a cautious approach from institutions regarding the short-term price outlook.
