Spot Bitcoin ETF continues its outflow streak on October 3, 2024 (Eastern Time). Issuers saw funds worth $54.2 million move out of the system, with ARKB leading the charge. Ark’s outflow contribution was $58 million, followed by Fidelity’s FBTC, which banked approximately $37.2 million. The Net Asset Value of Spot Bitcoin ETFs was $56.31 billion, and the Net Asset Ratio came around 4.69% yesterday. Historical cumulative net inflow shows $18.5 billion, out of which BlackRock has brought almost $21.55 billion—sufficient to balance Grayscale’s outward pressure to some extent.
BlackRock’s IBIT and Bitwise’s BITB reported positive flows worth $36 million and $2.6 million, respectively. Invesco’s BITCO also joined them, contributing an inflow of $2.4 million. Out of the three issuers on the list, Bitwise stands out in terms of fees. It charges only 0.20%, whereas others charge 0.25% of their holders. Numbers from Grayscale and Grayscale Mini Trust remain out of the frame.
As a result, the streak enters its third day as BTC Spot ETFs roll out rather than embracing them collectively. The streak commenced on October 1, 2024, with a value of $242.6 million. It was followed by a net outflow of $64.4 million on October 2, 2024. BlackRock only banked an outflow on October 02 for $13.7 million, the first time since September 16, 2024.
That said, the value of BTC is experiencing a downtrend at the press time. It has plummeted by 6.29% in the last 7 days; however, it also reflects a surge of 0.10% in the last 24 hours, taking Bitcoin to $61,217.53. Near-term BTC predictions for the flagship cryptocurrency are bullish. By the end of October this year, speculation suggests it could rise as high as $80,000. That is also a milestone that has eluded BTC for a long time.
Spot Ether ETFs, meanwhile, shared the same boat with Bitcoin Spot ETFs. Ether also saw funds worth $3.2 million leave the system yesterday. Grayscale led the charge with a value of $14.7 million, while Fidelity followed with an outward movement of $0.6 million.
Another day of outflow, and Spot Ether ETFs would mark a second consecutive day for a streak in the respective segment. The historical cumulative total net outflow now stands at $555.4 million, with BlackRock posing an inflow of $1.17 billion and Grayscale registering a total net outflow of $2.94 billion.
ETH is exchanging hands at $2,380.61, down by 0.05% in the last 24 hours and 10.51% in the last 7 days. The fall has not significantly impacted the sentiments of ETH enthusiasts, as they anticipated a move within a defined range. Apart from the obvious emotion of fear, investors are bullish that Ether would eventually navigate a way around the decline for a new ATH amid surges.
