Crypto Market Surges While Corresponding ETFs Bleed Red

The crypto market saw mixed results at the end of September, with token prices mostly rising while their corresponding exchange-traded funds (ETFs) experienced significant outflows.

CoinGecko reported a global crypto market cap of $2.98 trillion, up 1.5% in the last 24 hours, with $103 billion in trading volume. Bitcoin held 56.1% dominance and Ethereum held 11%. However, Bitcoin, Ethereum, XRP, and Solana funds all logged zero inflow or net withdrawals.

The US core PCE price index rose 3% year over year in August, the lowest since February and below the forecasted 3.3%. The monthly core PCE came in at 0.2%, under the expected 0.30%, while July's figure was revised down from 0.20% to 0.1%. This cooler inflation reading typically cheers risk assets, but exchange-traded funds desks stayed on the sidelines.

Bitcoin ETF news showed a month that opened and closed red, with SoSoValue data indicating a daily total net outflow of -$148.69 million as of September 30. Fidelity led the September 30 exodus with a $125.58 million outflow, followed by Bitwise at $13.63 million and BlackRock at $9.48 million.

Ethereum ETF news showed two straight days of red, with consecutive outflows on the final two days of September. The daily total net inflow closed at -$59.58 million, cumulative net inflow sits at $13.89 billion, and total value traded hit $653.41 million.

XRP ETF news was surprisingly quiet, despite major token developments elsewhere. Zero daily net flow for two straight days, with a cumulative net inflow of $1.79 billion and total value traded coming in at $53.86 million.