The post $755 Million Withdrawn from BTC and ETH ETFs After Trade War Fears appeared first on Coinpedia Fintech News
On October 13, both U.S. spot ETFs, Bitcoin, and Ethereum recorded heavy outflows. According to data from SoSoValue, Bitcoin ETFs withdrew $326.52 million, while Ethereum ETFs transferred $428.52 million.
Bitcoin ETF Breakdown
With only six out of twelve ETFs posting action, Bitcoin ETFs recorded a net outflow of $326.52 million. BlackRock IBIT was the only ETF to post $60.36 million in inflows for the session. Following ETFs posted outflow:
Grayscale GBTC: $145.39 million
Bitwise BITB: $115.64 million
Fidelity FBTC: $93.28 million
Ark & 21Shares ARKB: $21.12 million
VanEck HODL: $11.44 million
Despite moving off a heavy amount, Bitcoin ETFs recorded $6.63 billion in trading value with total net assets of $157.18 billion. This marks 6.81% of the Bitcoin market cap.
Ethereum ETF Breakdown
Ethereum ETFs posted a sell-off of $428.52 million, with no inflows for the day. Seven out of nine ETFs posted action for the day.
BlackRock ETHA: $310.13 million
Grayscale ETH: $49.67 million
Grayscale ETHE: $20.99 million
Fidelity FETH: $19.12 million
Bitwise ETHW: $12.80 million
VanEck ETHV: $9.34 million
Franklin EZET: $6.46 million
Total trading volume in Ethereum ETFs reached $2.82 billion with net assets of $28.75 billion. This represents 5.56% of the Ethereum market cap.
Market Context
Bitcoin is trading at $113,499.05, after a 1.3% drop in 24 hours. Its market cap has reached $2.260 trillion, which also dipped this week. The daily trading volume has reached $69.02 billion, showing a slow market.
Meanwhile, Ethereum is priced at $4,142.32, with a market cap of $500.809 billion. Its trading volume has dropped to $48.3 billion, marking a 21.25% dip compared to the previous day.
Why BTC and ETH prices plunged:
After President Donald Trump threatened new tariffs on imports from China, investors feared a trade war between the two countries. This triggered investors to sell off risky assets like tech stocks and crypto, which resulted in a crypto market crash.
