BlackRock and Fidelity Lead ETF Market Despite Challenges
Bitcoin ETFs IBIT and FBTC Outperform with Over $10 Billion in Assets Amid Market Decline.
Ethereum ETF Struggles, Suffers Gross Outflows as Bitcoin and Ethereum Prices Plunge.
As the cryptocurrency market faces a broad downturn, Bitcoin ETF [BTC] is not immune to existing trends.
New reports from Farside Investors reveal that the BTC ETF saw outflows of as much as $52.9 million on October 2.
Balchunas highlights the leaders
Amid this difficult backdrop, however, Eric Balchunas, a senior ETF analyst at Bloomberg, identified two prominent Bitcoin ETFs—BlackRock’s IBIT and Fidelity’s FBTC—as the top performers of the 2020s.
Both funds have achieved “peak” status, with more than $10 billion in assets under management, highlighting their resilience and appeal to investors even in difficult times.
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In a post on X (formerly Twitter), Balchunas noted,
Source: Eric Balchunas/X
Echoing Balchunas' sentiment, an X user added,
Source: Charles/X
Blackrock and Fidelity Bitcoin ETF Analysis
This trend is further confirmed by data from Farside Investors, which reveals that since its launch, BlackRock’s IBIT has attracted a whopping $21.5 billion in total inflows, while Fidelity’s FBTC has attracted $9.9 billion.
These two ETFs have taken the lead, leaving others to follow.
However, October, traditionally considered the “Uptober” month after a down September, delivered mixed results.
On October 1, IBIT experienced inflows of $40.8 million, in sharp contrast to FBTC, which suffered outflows of $144.7 million.
IBIT recorded $13.7 million in outflows on October 2, while FBTC bounced back with $21.1 million inflows, illustrating volatility and shifting dynamics in the ETF landscape.
Ethereum ETF Performance
Conversely, the performance of the Ethereum ETF [ETH] has also been less positive.
See also: Grayscale now manages $20 billion
On October 1, total outflows for the ETH ETF reached $48.6 million; BlackRock’s ETHA saw no inflows or outflows, while Fidelity’s FETH saw $25 million inflows.
ETHA continued to struggle, posting $18 million in outflows the following day.
Meanwhile, FETH maintains a stable position with no recorded cash flow.
This trend highlights the challenges facing Ethereum ETFs in the current market environment.
Growing Concerns About Grayscale's GBTC
Meanwhile, another X user asked a very disturbing question,
“Doesn't this make#GBTCone of the worst performing ETFs of the decade?”
This observation is further reinforced by the latest update from Farside Investors, which revealed that Grayscale’s GBTC has experienced a massive outflow of $20.1 billion since its launch.
Similarly, Grayscale’s Ethereum ETF, ETHE, saw total outflows of $2.93 billion, surpassing outflows from all other ETH ETFs combined.
See more: Bitcoin's power spreads, Altcoins return?
BTC and ETH price movements
In terms of price, both cryptocurrencies are experiencing a bearish trend, with Bitcoin trading at $60,480.03, reflecting a decline of 0.98% over the past 24 hours.
Meanwhile, Ethereum traded at $2,347.81, showing a more significant drop of 4.35% over the same period.
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