The post Crypto Crash Today: Bitcoin ETFs See $536 Million Outflow as Market Turns Bearish appeared first on Coinpedia Fintech News
On October 16, US spot Bitcoin ETFs withdrew $536.44 million, marking their second consecutive day of outflows, with none of the twelve ETFs experiencing a net inflow. According to SoSoValue, Ethereum ETFs saw $56.88 million in outflows.
Bitcoin ETFs recorded a total net outflow of $536.44 million, with Ark &21Shares ARKB leading at $275.15 million. Fidelity FBTC followed with $132.00 million, as Grayscale GBTC and BlackRock IBIT posted withdrawals of $44.97 million and $29.46 million, respectively.
Additional sell-offs were recorded by Bitwise BITB of $20.58 million, Grayscale BTC $22.52 million, and VanEck HODL of $6.12 million. Valkyrie BRRR made the smallest transfer of the session with $5.65 million.
Overall, the total trading value surged to $8.08 billion, marking the highest of the week. Net assets came in at $146.44 million, representing 6.81% of Bitcoin market capitalization.
Ethereum ETFs saw a total net outflow of $56.88 million. Grayscale ETHE led the withdrawals with $69.03 million, and Bitwise ETHW followed with $15.83 million. Other notable funds, including Fidelity FETH and Grayscale ETH, also posted sell-offs of $11.60 million and $4.37 million, respectively.
Franklin EZET posted the smallest outflow with $2.94 million, while BlackRock ETHA became the only ETF to post an inflow for the day with $46.90 million. The total trading value reached $2.90 billion, slightly higher than yesterday. Net assets came in at $26.51 billion, marking 5.70% of Ethereum’s market cap.
Bitcoin price dropped to $109,009.66, marking a 10% decline from last week. Its market cap also slipped to $2.17 trillion, while the 24-hour trading volume surged to 87.34 billion.
Meanwhile, Ethereum hit its lowest of October at $3,921.81 on Friday, showing a 2.1% drop in 24 hours. Its 24-hour trading volume reached $48.27 billion, with its market cap of $472.81 billion, signalling a weak market. Both assets continue to show a bearish trend after the U.S.-China trade war tensions.
