When I wrote during the morning shift, Farside’s 10/14 figures were still incomplete: BTC ETFs showed only about −$150.5 million, and ETH about −$19.7 million. Now that the figures are complete, outflows for both look worse than they did at the time.
BTC spot ETFs totaled −$261.4 million on 10/14: IBIT −$110.9 million and FBTC −$152.7 million. IBIT wasn’t visible in the morning; once added, it brought the total outflow to about $111 million more.
The picture was even clearer for ETH: total outflows were −$129.5 million, with ETHA alone at −$109.8 million. The −$19.7 million shown in the incomplete morning figures was almost entirely from other products; once the largest, ETHA, was reported, the scale was about 6.5 times greater.
For comparison, on 10/13 BTC was +$175.7 million and ETH +$24.8 million (ETHA was 0). I wrote that ETH looked more like “a pause in selling pressure.” The next day, both flipped to large net outflows, and the pause didn’t last.
Market (at the time of writing): BTC around 81,085, still below 82,787, with an intraday low of 80,226; ETH around 2,368; ETHBTC around 0.0292. The daily candle hasn’t closed yet.
What to watch next:
1. Whether ETF outflows continue after 10/15, or another noisy one-day inflow appears
2. Whether BTC closes below 82,787 for a second consecutive day at the 10/15 daily close (10/16 08:00 UTC+8 / 00:00 UTC)
3. If ETHA remains the main source of outflows for several consecutive days, ETH’s relative weakness will be harder to explain away as something that can be resolved by a market reversal alone
$ETH $BTC | Sources: Farside (10/14 complete), Binance spot market data | Not investment advice
BTC spot ETFs totaled −$261.4 million on 10/14: IBIT −$110.9 million and FBTC −$152.7 million. IBIT wasn’t visible in the morning; once added, it brought the total outflow to about $111 million more.
The picture was even clearer for ETH: total outflows were −$129.5 million, with ETHA alone at −$109.8 million. The −$19.7 million shown in the incomplete morning figures was almost entirely from other products; once the largest, ETHA, was reported, the scale was about 6.5 times greater.
For comparison, on 10/13 BTC was +$175.7 million and ETH +$24.8 million (ETHA was 0). I wrote that ETH looked more like “a pause in selling pressure.” The next day, both flipped to large net outflows, and the pause didn’t last.
Market (at the time of writing): BTC around 81,085, still below 82,787, with an intraday low of 80,226; ETH around 2,368; ETHBTC around 0.0292. The daily candle hasn’t closed yet.
What to watch next:
1. Whether ETF outflows continue after 10/15, or another noisy one-day inflow appears
2. Whether BTC closes below 82,787 for a second consecutive day at the 10/15 daily close (10/16 08:00 UTC+8 / 00:00 UTC)
3. If ETHA remains the main source of outflows for several consecutive days, ETH’s relative weakness will be harder to explain away as something that can be resolved by a market reversal alone
$ETH $BTC | Sources: Farside (10/14 complete), Binance spot market data | Not investment advice