Bitcoin ETFs Experience First Net Outflow in 10 Trading Days
US spot Bitcoin exchange-traded funds (ETFs) have seen significant net outflows for the first time in 10 trading days. According to data from Trader T, a total of $148.69 million was withdrawn from these ETFs on October 1, marking a sharp reversal after months of steady inflows.
This recent outflow is particularly notable given that cumulative net inflows for September reached $2.65 billion and year-to-date net inflows stood at $930.4 million.
The largest net outflow among individual products was recorded by Fidelity's FBTC, with a staggering $125.58 million withdrawn on October 1. BlackRock's IBIT saw significantly smaller net outflows of $9.48 million, while Bitwise's BITB posted net outflows of $13.63 million.
The sudden reversal in investor sentiment raises questions about the current market trends and potential implications for the Bitcoin price.