The post Bitcoin and Ethereum ETFs Record $598 Million Outflows as Market Turns Bearish appeared first on Coinpedia Fintech News

On October 17, both US spot crypto ETFs, Bitcoin and Ethereum, recorded strong outflows. According to SoSoVlaue, Bitcoin ETFs saw $366.59 million outflows, while Ethereum reported $232.28 million. 

Bitcoin ETF Breakdown 

Bitcoin ETFs recorded a net outflow of $366.59 million, with BlackRock IBIT leading at $268.61 million. Other major funds like Fidelity FBTC and Grayscale GBTC also posted withdrawals of $67.37 million and $25.04 million, respectively. Valkyrie BRRR posted the smallest outflow of the day with $5.57 million. 

Neither of the four ETFs posted any inflows for the day. The total trading value surged to $8.20 billion, slightly higher than yesterday. Total net assets came in at $143.93billion, representing 6.75% of the Bitcoin market cap. 

Ethereum ETF Breakdown 

Ethereum ETFs saw a net outflow of $232.28 million, with six out of nine ETFs posting withdrawals. BlackRock ETHA led with $146.06 million, and Fidelity FETH followed at $30.61 million. Additional sell-offs were recorded by Grayscale ETHE of $26.13 million and Bitwise ETHW of $20.59 million. 

Grasycale ETH ($3,875.41)  $4.69 million and VanEck ETHV $4.21 million reported the smallest outflows for the day. None of the ETFs posted any gains on Friday. The total trading value reached $2.49 billion with net assets of $25.98 million. This marks5.58% of the Ethereum market capitalization. 

Market Context 

Bitcoin price has plummeted to $106,743.06, marking a 5.8% decline from last week. Its market cap also slipped to $2.12 trillion, while the 24-hour trading volume surged to $99.48 billion. 

Meanwhile, Ethereum hit $3,855.61 on Saturday, showing a 2% drop in 24 hours. Its daily trading volume reached $56.16 billion, with its market cap of $464.93 billion, signalling a weak momentum. 

The bullish trend prediction for October has turned extremely bearish as both assets continue to face price decline, with ETF sell-offs.