In recent developments, Bitcoin exchange-traded funds (ETFs) in the United States experienced net outflows totaling $18.58 million on October 8, 2024. The outflows were primarily led by Fidelity's FBTC, which alone saw $48.82 million in net outflows.
Despite the general trend of outflows in Bitcoin ETFs, BlackRock's IBIT notably resisted this trend, recording $39.65 million in net inflows, indicating some investor confidence in the fund.
Ethereum ETFs also encountered significant outflows, amounting to $8.19 million in net withdrawals. This shows a similar pattern of investor behavior affecting both major cryptocurrencies.
The fluctuations in outflows and inflows may be attributed to the unstable Bitcoin prices, possibly influencing investors to adjust their ETF holdings to mitigate risks.
