While the digital currency market is facing a general downturn, Bitcoin exchange-traded funds (ETFs) are also feeling the effects of the current trends.
Latest data from Farside Investors shows that BTC ETFs saw notable outflows totaling $52.9 million on October 2nd.
Standout Performers Identified by Balchunas
In the midst of these challenges, Eric Balchunas, a senior ETF analyst at Bloomberg, has pinpointed two exceptional Bitcoin ETFs—IBIT by BlackRock and FBTC by Fidelity—as top performers in the 2020s.
Both funds have achieved a significant status, managing over $10 billion in Assets Under Management (AUM), demonstrating their resilience and attractiveness to investors even during uncertain times.
According to a post on X by Balchunas, these ETFs have stood out in the market.
Aligning with Balchunas’ views, another X user shared their perspective.
Analysis of BlackRock’s and Fidelity’s Bitcoin ETFs
Data from Farside Investors further confirms this trend, showing that since their launch, IBIT by BlackRock has gathered an impressive $21.5 billion in total inflows, while Fidelity’s FBTC attracted $9.9 billion.
These two ETFs have taken the lead in the market, leaving other funds behind.
However, the month of October, known as an “Uptober” period after a declining September, has brought mixed results.
On October 1st, IBIT had an inflow of $40.8 million, contrasting with FBTC, which experienced outflows of $144.7 million.
IBIT faced outflows of $13.7 million on October 2nd, while FBTC saw inflows of $21.1 million, indicating the volatility and changing dynamics within the ETF market.
Performance of Ethereum ETFs
Conversely, the performance of Ethereum (ETH) ETFs has been lackluster as well.
On October 1st, cumulative outflows for ETH ETFs reached $48.6 million, with BlackRock’s ETHA having no inflows or outflows, while Fidelity’s FETH witnessed outflows of $25 million.
ETHA continued to face challenges, showing outflows of $18 million the next day.
Meanwhile, FETH maintained a stable position with no recorded flows.
This trend underscores the difficulties Ethereum ETFs are encountering in the current market conditions.
Concerns Surrounding Grayscale’s GBTC
Another X user raised a pertinent question,
“Could this potentially make #GBTC one of the poorest performing ETFs of this decade?”
This observation is supported by the most recent data from Farside Investors, indicating that Grayscale’s GBTC has seen significant total outflows of $20.1 billion since its introduction.
Similarly, Grayscale’s Ethereum ETF, ETHE, had substantial outflows totaling $2.93 billion, surpassing the combined outflows of all other ETH ETFs.
Price Movements of BTC and ETH
In terms of pricing, both Bitcoin and Ethereum are currently on a downward trend, with Bitcoin trading at $60,480.03, marking a 0.98% decrease in the past 24 hours.
Meanwhile, Ethereum is trading at $2,347.81, showing a more significant decline of 4.35% over the same period.