3 hours Ago By Ezra B
Spot Bitcoin ETFs began the fourth quarter of 2024 on a tumultuous note, ending the week with a net negative outflow exceeding $300 million. This downturn coincided with Bitcoin’s bearish start to October, which saw a decline of over 6% in the first five days of the month. According to data from market tracking platform SoSoValue, US-based spot Bitcoin ETFs recorded a cumulative net outflow of $301.
54 million in the first week of Q4 2024. This marked the end of a three-week streak of positive returns. Despite a net inflow of $61.
30 million on September 30, the shift to a bearish state was swift, influenced by rising geopolitical tensions in the Middle East. Over three consecutive days, cumulative negative outflows amounted to $388.42 million.
On October 4, the spot BTC ETFs saw a return to positive territory with gains of $25.59 million. However, this was insufficient to offset the week’s earlier losses.
Despite this negative performance, the spot Bitcoin ETFs are expected to attract significant investment levels this quarter, supported by high price expectations for Bitcoin. Since their launch in January, these investment funds have shown speculative performance. Analyst Quinten Francois shared that spot BTC ETFs hold the top four positions among successful ETF launches in 2024.
As a Bitcoin bull run appears imminent, these exchange-traded products are likely to draw more interest from institutional investors in the coming weeks. Currently, spot BTC ETFs have a cumulative total net inflow of $18.50 billion, with total net assets valued at $57.
73 billion, representing 4.68% of the Bitcoin circulating supply. BlackRock’s IBIT leads with $22.
91 billion in total investments, while Grayscale’s GBTC and Fidelity’s FBTC hold significant market shares with net assets of $13.75 billion and $11.09 billion, respectively.
Meanwhile, US spot Ethereum ETFs also registered net weekly outflows of $30.69 million in the first week of Q4 2024, continuing a negative streak that began on August 16. Unlike their Bitcoin counterparts, ETH spot ETFs have faced challenges, with total net outflows amounting to $553.
66 million. Despite this, they account for 2.28% of the Ethereum market supply, with $6.
6 billion in total net assets. As of now, Bitcoin trades at $62,062, and Ethereum is valued at $2,414, with both assets showing negligible price movements over the past day..
