- Bitcoin ETFs IBIT and FBTC have excelled with over $10 billion in assets amid the market downturn.
- Ethereum ETFs struggled, facing cumulative outflows as Bitcoin and Ethereum prices fell.
As the cryptocurrency market grapples with a broader downturn, Bitcoin (BTC) ETFs are not immune to the prevailing trends.
Recent reports from Farside Investors reveal that BTC ETFs have seen significant outflows, amounting to $52.9 million on October 2.
Balchunas highlights the best players
However, amid this challenging landscape, Eric Balchunas, senior ETF analyst at Bloomberg, identified two notable Bitcoin ETFs – BlackRock’s IBIT and Fidelity’s FBTC – as the best performers of the 2020s.
Both funds have reached stud-level status, with more than $10 billion in assets under management (AUM), highlighting their resilience and attractiveness to investors even in turbulent times.
In his X (formerly Twitter) post, Balchunas noted:
Source: Éric Balchunas/X
Echoing Balchunas’ sentiment, an X user added:
Source: Charles/X
Blackrock and Fidelity Bitcoin ETFs analyzed
This trend was confirmed by data from Farside Investors, revealing that since its launch, BlackRock’s IBIT has accumulated a staggering $21.5 billion in total inflows, while Fidelity’s FBTC has attracted 9. 9 billion dollars.
These two ETFs set the pace, leaving other funds lagging behind.
However, October, traditionally considered an “October” month after a down September, showed mixed results.
As of October 1, IBIT saw an inflow of $40.8 million, contrasting sharply with FBTC, which faced outflows of $144.7 million.
IBIT saw outflows of $13.7 million on October 2, while FBTC rebounded with inflows of $21.1 million, illustrating the volatility and changing dynamics within the ETF landscape.
Ethereum ETF Performance
Conversely, the performance of Ethereum ETFs (ETH) was also disappointing.
As of October 1, cumulative outflows for ETH ETFs reached $48.6 million, with BlackRock’s ETHA seeing no inflows or outflows, while Fidelity’s FETH saw outflows of $25 million.
ETHA continued to struggle, posting outflows of $18 million the next day.
While FETH has maintained a stable position with no flows recorded.
This trend highlights the challenges facing Ethereum ETFs in the current market environment.
Growing concerns around Grayscale’s GBTC
In the middle, there was another user X who asked a very concerning question:
“Wouldn’t that then make #GBTC one of the worst performing ETFs of this decade?
This observation is further supported by Farside Investors’ latest update, revealing that Grayscale’s GBTC has seen a staggering total outflow of $20.1 billion since its launch.
Similarly, Grayscale’s Ethereum ETF, ETHE, faced significant outflows totaling $2.93 billion, which exceeded the combined outflows of all other ETH ETFs.
BTC and ETH Price Action
On the price front, both cryptocurrencies saw a downward trend, with Bitcoin trading at $60,480.03, reflecting a 0.98% decline over the past 24 hours.
Meanwhile, Ethereum was trading at $2,347.81, showing a larger decline of 4.35% over the same period.
