The US-based spot Bitcoin exchange-traded fund recorded modest daily inflows on Friday but ended the week with net negative outflows for the first time since September 6.
Total net assets held by the fund fell from $61.21 billion a week ago on September 27th to $57.73 billion after this week’s outflows and the price of Bitcoin fell from about $65,000 on Friday the 27th to about $62,000 on Friday, October 4th. decreased to $10 million. .
According to SoSoValue data, $15.3 million flowed into Bitwise’s BITB fund on Friday, bringing the fund’s total daily net inflows to $25.6 million. Fidelity’s FBTC recorded the second-highest inflows at $13.6 million, while VanEck’s HODL and Ark & 21Shares’ ARKB were tied at $5.29 million.
Bitwise recently announced plans to revamp its three cryptocurrency futures exchange-traded funds, including adding government bonds to curb volatility, The Block previously reported. “The goal is to minimize downside volatility and potentially improve risk-adjusted returns,” said Matt Hougan, chief information officer at Bitwise. name.
Grayscale’s GBTC was the only fund to record outflows on Friday, with outflows of $13.9 million. There were no significant inflows or outflows recorded in the remaining funds.
Ethereum ETF also outflows in weekly log order
Ethereum ETH
-0.08%
The ETF ended the week with net outflows of $30.7 million, despite recording modest daily inflows of $7.4 million on Friday. According to SoSoValue data.
Friday’s inflows were led by BlackRock’s ETHA fund, which recorded inflows worth $14.7 million. Bitwise’s ETHW also recorded $871,000 worth of inflows, while other funds did not record significant inflows.
Offsetting the inflows were $8.2 million outflows from Grayscale’s ETHE fund, sending the price of ETH down from about $2,700 on the 27th to about $2,400 on October 4.
Last week, BlackRock’s spot Ethereum fund surpassed $1 billion in net assets for the first time, but last week’s decline took the fund below that figure. The company currently has assets worth $987.6 million, according to SoSoValue data.
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