Key Points
- Bitcoin ETFs IBIT and FBTC have thrived with over $10 billion in assets despite the market downturn.
- Ethereum ETFs have struggled, facing cumulative outflows as Bitcoin and Ethereum prices declined.
The cryptocurrency market is currently facing a broader downturn, and Bitcoin [BTC] ETFs have not been spared from the prevailing trends.
Recent data from Farside Investors shows that BTC ETFs experienced significant outflows, amounting to $52.9 million on 2nd October.
Performance of Top Bitcoin ETFs
Despite this challenging landscape, Eric Balchunas, a senior ETF analyst at Bloomberg, pointed out two standout Bitcoin ETFs – BlackRock’s IBIT and Fidelity’s FBTC.
Both of these funds have achieved notable status, boasting over $10 billion in Assets Under Management (AUM). This highlights their resilience and appeal to investors even during turbulent times.
Data from Farside Investors confirms this trend, revealing that since its launch, BlackRock’s IBIT has amassed $21.5 billion in total inflows, while Fidelity’s FBTC has attracted $9.9 billion.
These two ETFs have set a high standard, leaving other funds trailing behind.
Performance of Ethereum ETFs
In contrast, the performance of Ethereum [ETH] ETFs has been less stellar.
On the 1st of October, cumulative outflows for ETH ETFs reached $48.6 million. BlackRock’s ETHA experienced no inflows or outflows, while Fidelity’s FETH saw outflows of $25 million.
This trend underscores the challenges facing Ethereum ETFs in the current market environment.
Concerns around Grayscale’s GBTC
Furthermore, there are growing concerns around Grayscale’s GBTC.
The latest update from Farside Investors reveals that Grayscale’s GBTC has experienced a total outflow of $20.1 billion since its launch.
Grayscale’s Ethereum ETF, ETHE, has also faced significant outflows, totaling $2.93 billion, which surpassed the combined outflows of all other ETH ETFs.
Price Action of BTC and ETH
Regarding price action, both cryptocurrencies are experiencing a downward trend.
Bitcoin is currently trading at $60,480.03, reflecting a decline of 0.98% in the past 24 hours.
Meanwhile, Ethereum is trading at $2,347.81, showing a more substantial dip of 4.35% over the same period.
