Bitcoin: Inflows into ETFs drop 90% in a week
Bitcoin is trading around $84,000 as institutional demand shows signs of slowing. Between September 28 and October 2, US spot ETFs recorded only $241.1 million in net inflows. At the same time, the futures contract market is reducing leverage. These moves now put ETF flows and several price levels at the center of the market’s next developments, as investors closely watch forthcoming price action.
Between September 28 and October 2, US bitcoin spot ETFs attracted $241.1 million. A week earlier, these products had recorded $2.39 billion in net inflows. The decline therefore amounted to roughly 90%, according to data presented by Bitfinex. This drop is happening while the price remains near several key thresholds also followed by US ETF holders.
The streak of nine consecutive days of inflows also ended on September 30. That day, ETFs recorded net outflows of $148.7 million. In detail, BlackRock’s IBIT received $450.2 million. By contrast, Fidelity’s FBTC saw outflows of $168 million, showing a mixed performance among the main products.
Leverage is reduced in futures contracts
The futures contracts market is also experiencing a slowdown. Before the release of the September employment report, open interest had risen by $2.1 billion. Afterwards, traders cut their positions, causing a decline of $1.5 billion.
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Bitcoin is trading around $84,000 as institutional demand shows signs of slowing. Between September 28 and October 2, US spot ETFs recorded only $241.1 million in net inflows. At the same time, the futures contract market is reducing leverage. These moves now put ETF flows and several price levels at the center of the market’s next developments, as investors closely watch forthcoming price action.
Between September 28 and October 2, US bitcoin spot ETFs attracted $241.1 million. A week earlier, these products had recorded $2.39 billion in net inflows. The decline therefore amounted to roughly 90%, according to data presented by Bitfinex. This drop is happening while the price remains near several key thresholds also followed by US ETF holders.
The streak of nine consecutive days of inflows also ended on September 30. That day, ETFs recorded net outflows of $148.7 million. In detail, BlackRock’s IBIT received $450.2 million. By contrast, Fidelity’s FBTC saw outflows of $168 million, showing a mixed performance among the main products.
Leverage is reduced in futures contracts
The futures contracts market is also experiencing a slowdown. Before the release of the September employment report, open interest had risen by $2.1 billion. Afterwards, traders cut their positions, causing a decline of $1.5 billion.
$BTC
$ETFT.ETF
$FBT.ETF
#BTCETF