Key Takeaways
- • US spot Bitcoin ETFs recorded $261.4 million in net outflows on Wednesday, Oct. 14, reversing $175.7 million in inflows on Oct. 13, according to Farside Investors data.
- • Ethereum ETFs posted $129.5 million in net outflows on Oct. 14 after attracting $24.8 million the previous day, with BlackRock's ETHA losing $109.8 million.
- • Combined spot Bitcoin and Ethereum ETF outflows totaled approximately $390.9 million, coinciding with a 24-hour decline of about 2.5% for Bitcoin, which traded near $81,326, and more than 5% for Ethereum, which traded near $2,400.
- • Cumulative net inflows remain substantial at approximately $57.03 billion for spot Bitcoin ETFs and $13.10 billion for spot Ethereum ETFs.
- • The selloff followed hotter-than-expected US inflation data that raised expectations of another Federal Reserve rate hike.
Summary
US spot Bitcoin and Ethereum exchange-traded funds recorded combined net outflows of approximately $390.9 million on Wednesday, Oct. 14, reversing the previous day's recovery, according to data from Farside Investors reported by Coinpaper. Bitcoin ETFs accounted for $261.4 million of the withdrawals, while Ethereum ETFs lost a further $129.5 million. Both asset classes have struggled to regain momentum during October.
In Bitcoin products, BlackRock's iShares Bitcoin Trust (IBIT) led redemptions with $110.9 million in net outflows, while Fidelity's Wise Origin Bitcoin Fund (FBTC) lost $152.7 million. Bitwise's BITB was the only fund to record positive flows, attracting $2.2 million, and the remaining funds reported no net activity. Despite the setback, cumulative net inflows into US spot Bitcoin ETFs remain at approximately $57.03 billion.
Ethereum products also returned to negative territory. BlackRock's iShares Ethereum Trust (ETHA) accounted for the majority of withdrawals, losing $109.8 million, followed by Grayscale's Ethereum Mini Trust (ETH) with $18.8 million in outflows and 21Shares' EZET with $900,000. The latest figures extend a difficult stretch for Ethereum investment products, which saw $201.9 million in net outflows on Oct. 6 and $160.9 million on Oct. 7. Cumulative net inflows into US spot Ethereum ETFs nonetheless remain positive at approximately $13.10 billion.
The ETF withdrawals coincided with broader selling in the cryptocurrency market. Bitcoin fell approximately 2.5% over 24 hours to trade near $81,326 at press time, while Ethereum declined more than 5% to around $2,400. Coinpaper attributed the downturn to hotter-than-expected US inflation data, which increased expectations of another Federal Reserve interest rate hike. Higher borrowing costs typically weigh on speculative assets, including cryptocurrencies.
In Bitcoin products, BlackRock's iShares Bitcoin Trust (IBIT) led redemptions with $110.9 million in net outflows, while Fidelity's Wise Origin Bitcoin Fund (FBTC) lost $152.7 million. Bitwise's BITB was the only fund to record positive flows, attracting $2.2 million, and the remaining funds reported no net activity. Despite the setback, cumulative net inflows into US spot Bitcoin ETFs remain at approximately $57.03 billion.
Ethereum products also returned to negative territory. BlackRock's iShares Ethereum Trust (ETHA) accounted for the majority of withdrawals, losing $109.8 million, followed by Grayscale's Ethereum Mini Trust (ETH) with $18.8 million in outflows and 21Shares' EZET with $900,000. The latest figures extend a difficult stretch for Ethereum investment products, which saw $201.9 million in net outflows on Oct. 6 and $160.9 million on Oct. 7. Cumulative net inflows into US spot Ethereum ETFs nonetheless remain positive at approximately $13.10 billion.
The ETF withdrawals coincided with broader selling in the cryptocurrency market. Bitcoin fell approximately 2.5% over 24 hours to trade near $81,326 at press time, while Ethereum declined more than 5% to around $2,400. Coinpaper attributed the downturn to hotter-than-expected US inflation data, which increased expectations of another Federal Reserve interest rate hike. Higher borrowing costs typically weigh on speculative assets, including cryptocurrencies.
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