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Spot Bitcoin exchange-traded funds (ETFs) in the U.S. experienced significant net outflows for the third consecutive day on October 3, 2024. According to data from <a href="https://sosovalue.com/assets/etf/us-btc-spot" rel="noopener noreferrer nofollow">SoSoValue,</a> a total of $361.2 million has been withdrawn from Bitcoin ETFs since October 1, with investors pulling $54.2 million out on the third day alone. This marks a sharp reversal of the inflows seen in previous weeks, with the latest figures raising concerns about the impact of geopolitical tensions on the crypto market.<h3 id="breakdown-of-major-etfs">Breakdown of Major ETFs:</h3><ol><li>ARK 21Shares (ARKB): Led the outflows with $57.97 million, marking its fourth consecutive day of withdrawals. The fund has seen over $212 million in outflows this week alone.</li><li>Fidelity’s FBTC: The second-largest contributor, experienced $37.21 million in outflows, despite briefly seeing inflows earlier in the week.</li><li>BlackRock’s IBIT: Bucked the trend by posting a $35.96 million inflow, bringing its total assets to $21.5 billion, maintaining its position as the largest spot Bitcoin ETF.</li></ol><h3 id="factors-behind-the-outflows">Factors Behind the Outflows:</h3>The sharp outflows from Bitcoin ETFs appear to be driven by broader market pressures linked to rising geopolitical tensions, particularly in the <a href="https://icogemhunters.com/bitcoins-sudden-drop-will-it-sink-below-54k-amid-middle-east-crisis/" rel="noopener noreferrer nofollow">Middle East</a>. Investors have become increasingly risk-averse, moving their assets out of riskier investments like cryptocurrencies. Bitcoin&#39;s price has fallen approximately 6% in the past week, trading at $61,608 as of press time.Ether ETFs have also been affected, with net outflows totaling $555.4 million, including $14.7 million from Grayscale&#39;s ETHE on Thursday. The market reaction highlights the vulnerability of crypto assets to geopolitical instability.<h3 id="future-outlook">Future Outlook:</h3>Despite the current outflows, experts remain optimistic about the long-term potential of Bitcoin and Ether ETFs. These funds have amassed a combined total of $18.5 billion since their inception, and investors are still up by an average of 3-10%, according to Glassnode. Market sentiment could improve if geopolitical tensions ease, allowing Bitcoin and Ether to recover their recent losses.<a href="https://x.com/NateGeraci" rel="noopener noreferrer nofollow">Nate Geraci</a>, President of the ETF Store, emphasized the importance of Bitcoin and Ether ETFs in the current financial landscape. &#34;Out of 525 ETFs launched in 2024, 13 of the top 25 are either Bitcoin or Ether-related,&#34; Geraci noted. This underscores the growing role of these funds in the investment portfolios of both retail and institutional investors.In conclusion, while the current environment remains challenging due to geopolitical tensions and market volatility, the long-term outlook for Bitcoin and Ether ETFs remains promising, especially given their increasing integration into traditional financial systems.Disclaimer: This article is intended for informational purposes only and should not be construed as legal, tax, investment, financial, or any other form of advice.Source: <a href="https://icogemhunters.com/bitcoin-etfs-bleed-361-million-in-3-days-is-crypto-crashing/" rel="noopener noreferrer nofollow">ICO Gem Hunters</a>

Bitcoin ETFs Bleed $361 Million in 3 Days—Is Crypto Crashing?

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