US Crypto ETFs Face Investor Exodus as Bitcoin and Ethereum Prices Slip
The post US Crypto ETFs Face Investor Exodus as Bitcoin and Ethereum Prices Slip appeared first on Coinpedia Fintech News
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.
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