The sudden outflow of huge amounts of capital from the Bitcoin spot ETF market raised many questions over the potential start of real gigantic bull sentiments in October.
On 1 Oct 2024, the Bitcoin market faced a significant capital outflow from Bitcoin spot ETFs. On this day, the market saw a total net outflow of $243 million. This marks the first net outflow after eight days of continuous inflows. Fidelityâs FBTC led the outflows with $144 million, followed by ARKâs ARKB, which saw $84.35 million in withdrawals. On the contrary, BlackRockâs ETF IBIT recorded an inflow of $40.835 million, indicating some investor optimism despite the overall negative trend.
On October 1, the total net outflow of Bitcoin spot ETFs was $243 million, the first net outflow after the net inflow in the past 8 days. Fidelity FBTC outflowed $144 million, ARKB outflowed $84.35 million. BlackRock ETF IBIT inflow of $40.835 million. https://t.co/59u0BnEqLG
â Wu Blockchain (@WuBlockchain) October 2, 2024
On the same day, the Ethereum spot ETF market witnessed a net outflow of $48.519 million. ETHE and FETH faced outflows of $26.64 million and $24.97 million, respectively.
Due to this sudden outflow of money from the market, Bitcoinâs trade price crashed from the $64.5k level to $60.2k level. That means Bitcoinâs trade price collapsed by nearly 5% within 24 hours, raising big questions over the current bull sentiments.
The current trade price of #Bitcoin is $62,133. Opportunity to enjoy Uptober pic.twitter.com/etFWWklQgR
â Bitcoinik (@Bitcoinikdotcom) October 1, 2024
During the same time period, Ethereum (ETH), the second top-ranked cryptocurrency, saw its trade price crash by nearly 7%. The current trade price of ETH is $2,480, down 6.2% over the last 24 hours.
The current trade price of #Ethereum is $2,480 pic.twitter.com/byBSwU7kmU
â Bitcoinik (@Bitcoinikdotcom) October 2, 2024
Despite this downturn, many analysts shared their opinions, stating that the decline is temporary and that a big rally in Bitcoinâs price will soon be visible. Historically, when Bitcoinâs trade price increased in September, the market gained bullish momentum in October.
#Bitcoin Uptober and Green Q4 Incoming đHistorically, when #BTC closes a green September, it kicks off Uptober and a green Q4.I donât make the rules. pic.twitter.com/X8Fi2KXpaB
â Titan of Crypto (@Washigorira) October 1, 2024
Read also: Former NSA Agent Snowden Calls Solana (SOL) a Centralised Crypto Network
