ETH ETFs Bounce Back as BTC ETFs Struggle for the Second Consecutive Day

Highlights:

• ETH ETFs have bounced back after two straight days of losses.
• BTC ETFs sustained their net outflow trend for the second consecutive day.
• Bitcoin and Ethereum prices have remained below crucial levels as the entire crypto market recovers.

In the most recent Exchange Traded Funds (ETFs) flow data, Ethereum (ETH) commodities have turned positive after two straight days of seeing losses. On the other hand, Bitcoin (BTC) ETFs witnessed more outflows to mark losses for the second consecutive day.

According to the on-chain ETF tracker, SosoValue, Ethereum ETFs welcomed $14.45 million in net profits. On its part, Bitcoin entities saw approximately $92 million in net outflows. Like yesterday’s ETFs flow news coverage, the commodities witnessed fewer activities, with most BTC ETFs incurring losses.

🇺🇸 Spot ETF: 🔴$92M to $BTC and 🟢$14.9M to $ETH
🗓️ Oct 02, 2024

👉 The net flow for ETH ETFs rebounded strongly, even though the ETH price remains in the red.

👉 4/5 major BTC ETFs experienced outflows yesterday, keeping the overall net flow heavily negative for the second… pic.twitter.com/qt0XUzcXMZ

— Spot On Chain (@spotonchain) October 3, 2024

ETHA Witnessed Over $10 Million in Gains

Supporting initial claims of reduced activities, Ethereum ETFs saw a markedly reduced activity, underscoring a dull market. Only three entities attracted customers’ trading options, with seven recording zero activities.

BlackRock Ethereum ETF (ETHA) and Franklin Ethereum ETF (EZET) experienced about $18 million and $1.8 million in gains. The only outflows came from Grayscale Ethereum ETF (ETHE) at approximately $5.4 million.

Following October 2 flow statistics, the cumulative net inflow remained deep in losses of about $557.86 million. Meanwhile, the total value traded was roughly $197.82 million, while total net assets reflected $6.51 billion. Noteworthily, ETH ETFs’ total net assets represent about 2.27% of Ethereum’s $287.56 billion market capitalization.

FBTC Record the Only Inflows as BTC ETFs Succumb to Losses Again

Like Ethereum, Bitcoin ETFs registered fewer activities. Four entities recorded losses, only one welcomed gains, while six had zero flows. Fidelity Bitcoin ETF (FBTC) saw approximately $21.1 million in profits. In losses, ARK 21Shares Bitcoin ETF (ARKB) topped the list with about $60.3 million in forfeited assets.

Other Bitcoin ETFs that registered outflows were Grayscale Bitcoin ETF (GBTC) with $27.3 million, BlackRock Bitcoin ETF (IBIT) with $13.7 million, and Bitwise Bitcoin ETF (BITB) with $11.5 million.

With its second consecutive day of incurring net outflows, BTC’s cumulative net inflow maintained its positive outlook with about $18.53 billion. Other relevant statistics revealed that the total value traded was $1.66 billion, while total net assets reflected $55.85 billion. The total net assets valuation represented 4.64% of Bitcoin’s $1.2 trillion market capitalization.

BTC Price Remains in Red Despite Slight Market Recovery

At the time of press, the general crypto market had recovered slightly from its previous slumps of over 5%. In the past 24 hours, the entire market is approximately 2.4% down, with roughly $2.23 trillion in valuation. Bitcoin has mirrored a similar trend as it also staged a subtle recovery. The flagship crypto asset dropped by about 0.6% in the past 24 hours, with approximately $61,300 in selling price.

In the past 24 hours, Bitcoin saw minimum and maximum prices, ranging between $60,079.73 – $62,310.79, while its weekly price extremes reflected $60,403.42 – $66,304.17. The weekly and 24-hour price extremes describe how far BTC has depleted over a short period.

Ethereum Woes Continue as it Drops Below $2,400

Like Bitcoin, ETH’s price is also in red. However, its decline was more pronounced, with a 4.6% drop in the past 24 hours and approximately $2,370 in selling price. Aside from its daily price change variable, statistics for other extended periods reflected losses.

For context, Ethereum’s 7-day-to-date, 14-day-to-date, and month-to-date statistics registered losses of 9.1%, 1.9%, and 5.5%, respectively. Its 24-hour trading volume is down by 19.47% with an over $20 billion valuation.