On Thursday, Bitcoin exchange-traded funds shed $244 million, whereas Ethereum investment products prolonged their negative run to eight days by losing $641 million.
American spot Bitcoin and Ether exchange-traded funds have accumulated close to $1 billion in total net withdrawals throughout October.
Based on figures from Farside Investors, Bitcoin ETFs suffered $244.1 million in net withdrawals on Thursday, coming on the heels of $484.9 million in redemptions on Wednesday, marking the biggest single-day outflow since June 25.
Ether ETFs registered $72.5 million in net outflows on Thursday, stretching their negative streak to eight straight trading days. These funds have lost roughly $641.3 million in net redemptions throughout this period, which started on September 29.
Net withdrawals for October presently stand at $407.4 million for Bitcoin ETFs and $578.9 million for Ether ETFs. Together, these funds have witnessed $986.3 million in net outflows over the course of the month.
These capital withdrawals happen simultaneously with a cooling Bitcoin upward trend. The leading cryptocurrency dropped as far as $80,427 on Thursday, per data from CoinGecko. At the moment of publication, it changed hands at $82,506.
An increase in spot market activity and ETF purchases would indicate genuine backing for Bitcoin’s latest surge, as noted by Glassnode.
Related: Bitcoin nears 3-week low as oil heads higher on Iran strike woes
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Originally published at https://cointelegraph.com/markets/bitcoin-ether-etfs-october-outflows-billion?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound.
