Bitwise BITB Gains $2.2 Million Amid $261 Million Outflow from US Bitcoin ETFs

On October 14, US spot Bitcoin ETFs experienced significant net outflows totaling $261.4 million, as reported by Farside Investors. In contrast, Bitwise’s BITB ETF managed to attract $2.2 million during this period, marking a rare positive inflow amidst a broader market retreat.

The outflows were largely driven by two major funds: Fidelity’s FBTC and BlackRock’s IBIT, which saw withdrawals of $152.7 million and $110.9 million, respectively. The combined losses from these two funds exceeded the total outflows for the entire group, indicating a concentrated impact on the market.

Additionally, spot Ethereum ETFs also faced challenges, recording $130 million in net outflows on the same day, suggesting a widespread risk-off sentiment among investors rather than issues specific to Bitcoin alone.

This volatility in ETF flows is notable, especially considering the cumulative net inflows for US spot Bitcoin ETFs have surpassed $54 billion since their launch in January 2024. Despite the recent outflows, the overall structure of the Bitcoin ETF market appears resilient, holding assets valued between $100 billion and $107 billion as of mid-October.

Investors should monitor the concentration of outflows in larger funds like FBTC and IBIT, as their movements can significantly influence spot market supply. The recent fluctuations reflect a broader trend in investor sentiment, with both Bitcoin and Ethereum experiencing simultaneous outflows.