Ethereum

Bitcoin ETF

Bitcoin

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin and Ethereum ETFs experienced significant outflows due to rising geopolitical tensions.</li>
 <li>The global crypto market cap fell by 4.10% while traditional commodities like gold and crude oil saw gains.</li>
</ul>
<h2 id="bitcoin-etfs-record-outflows">Bitcoin ETFs Record Outflows</h2>
<p>Bitcoin [BTC] exchange-traded funds (ETFs) recently witnessed a significant reversal after a period of robust inflows.</p>
<p>On the 27th of September, inflows reached $494.4 million, but by the 1st of October, eleven U.S. spot <a href="https://coineagle.com/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> ETFs experienced a collective outflow of $242.6 million.</p>
<p>Fidelity’s FBTC was among the most affected, with $144.7 million in outflows.</p>
<p>Other significant losses were seen in the ARK 21Shares’ ARKB and Bitwise’s BITB.</p>
<p>In contrast, BlackRock’s IBIT saw an influx of $40.8 million, indicating a mixed sentiment within the Bitcoin ETF market.</p>
<h2 id="geopolitical-tensions-impact-crypto-markets">Geopolitical Tensions Impact Crypto Markets</h2>
<p>The recent decline in Bitcoin and cryptocurrency markets is largely attributed to escalating tensions between Israel and Iran.</p>
<p>Iran’s missile strikes in response to Israel’s actions against Hezbollah have fueled market uncertainty, leading to significant sell-offs.</p>
<p>This conflict isn’t new; earlier this year, Iran retaliated with drone and missile attacks that caused Bitcoin to drop over 8%.</p>
<h2 id="ethereum-etfs-experience-decline">Ethereum ETFs Experience Decline</h2>
<p>Ethereum [ETH] ETFs also saw a decline similar to Bitcoin ETFs.</p>
<p>As of the 1st of October, cumulative outflows for <a href="https://coineagle.com/price/ethereum/" rel="noopener noreferrer nofollow">Ethereum</a> ETFs totaled $48.6 million.</p>
<p>Grayscale’s ETHE, Fidelity’s FETh, and Bitwise’s ETHW were among the most affected.</p>
<p>The impact of escalating tensions in the Middle East extended beyond ETFs, affecting the entire cryptocurrency market.</p>
<p>The global crypto market cap fell to $2.17 trillion, facing a decline of 4.10%.</p>
<p>Bitcoin’s value dropped over 3%, while Ethereum saw a sharper decline of more than 6% in just 24 hours.</p>
<p>In contrast, traditional commodities like gold and crude oil experienced significant gains.</p>
<p>Gold prices rose by 1.4%, reaching $2,665 per ounce, close to an all-time high.</p>
<p>Crude oil prices surged nearly 7%, hitting $72 per barrel.</p>
<p>Additionally, both bonds and the U.S. dollar strengthened following Iran’s missile strikes targeting Israel on the 1st of October.</p>

Unraveling the Cause Behind Historic Withdrawals from Bitcoin ETF

Table of Contents

CoinEagle.com

Other articles published on Oct 2, 2024

Consensys Faces Setback as Court Dismisses Lawsuit Against SEC

Fenbushi Capital crypto asset sale

Fidelity Ethereum ETF records largest daily outflows since launch

Is XRP the Next Big Thing in ETFs? Ripple CEO Thinks So!

Cryptocurrency Predictions Highlight Potential in ZRO, EIGEN, SUI, and Bitcoin

XRP ETF Filed By Bitwise

Join our free newsletter for daily crypto updates!