Spot Bitcoin ETFs in the US experienced a turbulent start to the fourth quarter of 2024, registering a substantial weekly outflow of over $300 million. This marked the end of a three-week period of positive returns, coinciding with Bitcoin’s over 6% decline in early October due to rising geopolitical tensions in the Middle East.
The data from SoSoValue indicated a net outflow of $301.54 million for these ETFs in the first week of Q4, following a net inflow of $61.30 million at the end of September. Despite recording gains later in the week, these were insufficient to offset earlier losses.
Nevertheless, despite the short-term negative performance, the spot Bitcoin ETFs are anticipated to attract more institutional investments in the upcoming weeks as market expectations for Bitcoin remains bullish. They have already achieved prominence with significant launches in 2024.
BlackRock’s IBIT leads the market with $22.91 billion investments, while Grayscale’s GBTC and Fidelity’s FBTC also hold substantial market shares. Together, these ETFs control 4.68% of Bitcoin's circulating supply with a combined net inflow valued at $18.50 billion.
The Ethereum market has not fared well, with the US spot Ethereum ETFs posting $30.69 million net outflows in the same timeframe. Despite challenging market conditions, Bitcoin and Ethereum prices remain relatively stable.
