U.S. spot Bitcoin and Ethereum exchange-traded funds (ETFs) recorded combined net outflows of $152.07 million on October 16, extending withdrawals across both asset classes.
According to SoSoValue’s Bitcoin ETF data and Ethereum ETF data, Bitcoin funds saw $82.39 million in net outflows, while Ethereum funds recorded $69.68 million. The withdrawals came amid volatility in the broader crypto market and the release of U.S. inflation data. However, one day of ETF outflows does not establish a sustained shift in investor sentiment or, by itself, explain price movements.
BlackRock’s IBIT Leads Bitcoin ETF Withdrawals
SoSoValue’s data shows that BlackRock’s iShares Bitcoin Trust (IBIT) led Bitcoin ETF withdrawals with $71.78 million in net outflows. Fidelity’s Wise Origin Bitcoin Fund (FBTC) recorded another $10.61 million in withdrawals. The remaining 10 spot Bitcoin ETFs reported no net flows during the session.
The latest outflows followed a $5.06 million net inflow on October 15 and $261.46 million in withdrawals on October 14. The alternating daily flows suggest that demand for Bitcoin investment products remains uneven.
As of October 16, cumulative net inflows into U.S. spot Bitcoin ETFs stood at $56.88 billion. The funds held $104.29 billion in total net assets, equivalent to 6.35% of Bitcoin’s market capitalization. Total trading value reached $2.66 billion during the session.
Ethereum ETFs Extend Outflow Streak
U.S. spot Ethereum ETFs recorded $69.68 million in net outflows on October 16, marking their third consecutive trading day of withdrawals.BlackRock’s iShares Ethereum Trust (ETHA) accounted for the entire daily net outflow, according to the supplied SoSoValue data.
Despite the latest withdrawals, cumulative net inflows into U.S. spot Ethereum ETFs stood at $12.94 billion as of October 16. The funds held $14.95 billion in total net assets, equal to 5.07% of Ethereum’s market capitalization. Their total trading value reached $645.81 million during the session.
The figures show that Ethereum ETFs continue to hold substantial assets despite recent withdrawals. However, it remains unclear whether the outflows reflect short-term adjustments or a longer-term change in investor demand.
Bitcoin and Ethereum Recover After Market Dip
Bitcoin was trading at around $81,509, down approximately 0.8% over 24 hours as of October 17, at 06:11 UTC, according to CoinGecko data. Its market capitalization stood at about $1.638 trillion, with 24-hour trading volume near $25.99 billion. Bitcoin remained around 35.3% below its all-time high of $126,080.
Over the same period, Ethereum was trading near $2,426, also down approximately 0.8% in the past 24 hours as of October 17, at 06:11 UTC. Its market capitalization stood at around $296.36 billion, while its 24-hour trading volume reached $11.68 billion. ETH remained about 51% below its all-time high of $4,946.05.
Both cryptocurrencies faced pressure amid uncertainty over U.S. inflation and interest rates. Their price movements came alongside ETF outflows, although daily fund flows alone do not explain changes in market prices.
Inflation Data and Liquidations Add to Market Uncertainty
The market sell-off followed the release of U.S. inflation data for September. The Consumer Price Index (CPI) rose 0.6% from the previous month and 3.7% year over year. Core CPI increased 0.3% for the month and 2.6% annually.
The higher-than-expected inflation reading raised concerns that the Federal Reserve could keep interest rates high for longer. This can put pressure on cryptocurrencies as investors become more cautious about taking risks.
The crypto market recorded $314.76 million in liquidations over the past 24 hours, according to CoinGlass data. Total open interest stood at $140.57 billion, down around 0.47%. These figures indicate reduced trading activity alongside a modest decline in open interest. However, the latest snapshot does not establish whether ETF outflows directly contributed to the market movement.
As The Crypto Times previously reported, Bitcoin briefly fell below $80,000 and Ethereum dropped to around $2,325 after the inflation data was released on October 15. Both cryptocurrencies recovered in early trading on October 16, with Bitcoin rising to around $82,000 and Ethereum reaching $2,445.
The recovery offered some relief after the sell-off, but it remains unclear whether prices can sustain those gains. Continued market volatility may also influence investor demand for crypto investment products.
What ETF Investors Will Watch Next
Investors will watch whether Bitcoin ETFs return to sustained inflows and whether Ethereum funds break their three-day outflow streak. Bitcoin’s ability to hold above $80,000 and Ethereum’s ability to remain above $2,400 are also key near-term price levels to watch. A price recovery accompanied by stronger ETF inflows could indicate improving demand. Continued withdrawals, however, would suggest that investors remain cautious.
For now, both Bitcoin and Ethereum ETFs are facing selling pressure despite holding billions of dollars in net assets. The next few trading sessions may provide a clearer picture of institutional demand.
Also Read: Spot ETF Outflows Mount, Wintermute Sees Short-Term Caution
