US Bitcoin Spot ETFs Experience $148 Million Net Outflow Reversal
US Bitcoin spot exchange-traded funds (ETFs) saw significant net outflows of $148.69 million on October 1, marking a reversal after ten consecutive trading days of net inflows.
The majority of this outflow came from Fidelity's FBTC, which lost $125.58 million in withdrawals, followed by BlackRock's IBIT with $9.48 million and Bitwise's BITB with $13.63 million. The cumulative net inflows for September totaled $2.65 billion, but year-to-date net inflows remain limited at just $930.4 million.
Ethereum spot ETFs also experienced net outflows of $2.8 million on September 29, with BlackRock's ETHA losing $8.9 million and Fidelity's FETH shedding $6.7 million. However, Grayscale's Ethereum product attracted $12.8 million, partially offsetting these losses.
The slowdown in fund flows had already shown warning signs, with Bitcoin ETF net inflows plummeting 97% from levels seen on September 21. Despite this, the price of Bitcoin has failed to build clear upward momentum, hitting resistance at around $84,000-$85,000.