Yesterday, October 13, Wall Street-managed Bitcoin (BTC) and Ethereum virtual currency Ether exchange-traded funds (ETFs) experienced a joint outflow of more than $755 million, marking a day of declines that directly affected the prices of both digital assets.
This large-scale capital withdrawal occurs in a context of deep-rooted fear in the market. caused by the flare-up of trade tensions between the US and China.
in particular, Bitcoin ETF records negative flows of $326 million. Some of the most significant exits include $145 million for the Grayscale Bitcoin Trust (GBTC) and $115.64 million for the Bitwise Bitcoin ETF (BITB). Despite the general trend, BlackRock’s iShares Bitcoin Trust (IBIT) was the only product to report positive inflows, at $60 million, as seen in the chart below.
Meanwhile, net outflows for Ether ETFs amounted to $428 million, with no Ether funds recording inflows on the day. BlackRock’s iShares Ethereum Trust ETF (ETHA) led the way with $310 million in net outflows, as seen in the chart below.
The price movements of these digital assets are inherently tied to the performance of spot ETFs. As a result of this capital withdrawal, the price of Bitcoin has deepened its decline, currently rising from $115,000 to around $110,000, accumulating a decline of nearly 11% over the past seven days. Similarly, Ethereum was trading around $4,200 before falling to $3,900.
As reported by CriptoNoticias, despite the US administration’s initial conciliatory attitude earlier in the week, China’s imposition of sanctions on a subsidiary of South Korean shipping company Hanwha Ocean has revived risk aversion in global markets.
