Spot Bitcoin exchange-traded funds experienced a third consecutive day of outflows on Oct. 3, pushing the total withdrawals over the period to $361.2 million.

According to data from SoSoValue, the 12 U.S.-listed spot Bitcoin ETFs saw net outflows of $54.13 million on Thursday, Oct. 3, following the previous day’s $91.76 million withdrawal.

ARK 21Shares’ ARKB fund led the pack with $57.97 million in outflows, marking its fourth consecutive day of declines, with $212.1 million exiting the fund this week alone. Fidelity’s FBTC trailed closely with $37.21 million in outflows, despite experiencing a day of positive inflows earlier in the week.

BlackRock’s IBIT, the largest spot Bitcoin ETF by total net assets, bucked the trend by logging $35.96 million in inflows, bringing its total since launch to an impressive $21.5 billion.

Bitwise’s BITB and Invesco’s BTCO also recorded modest inflows of $2.65 million and $2.44 million, respectively. The remaining spot Bitcoin ETFs remained neutral on the day.

Total trading volume across the 12 Bitcoin ETFs saw a significant decline, dropping to $1.13 billion on October 3 from the prior day’s levels. Despite the recent outflows, these funds have collectively attracted a net inflow of $18.47 billion since their inception. Meanwhile, Bitcoin (BTC) was trading sideways at $61,213 at the time of reporting.

Spot Ether ETFs log $3.2m in outflows

The trend extended to U.S. spot Ethereum ETFs, which posted net daily outflows of $3.2 million. Grayscale’s ETHE led the outflows, with $14.69 million exiting the fund, followed by $587,090 in outflows from Fidelity’s FETH.

However, BlackRock’s Ethereum Trust ETHA counterbalanced some of the losses, registering $12.08 million in net inflows. The six remaining spot Ether ETFs remained static for the day.

Ether ETF trading volumes also fell sharply, with the nine funds recording $115.66 million in volume on Oct. 3, down from $197.82 million the day prior. Since their July launch, these ETFs have accumulated net outflows of $561.05 million. Ethereum (ETH) was trading at $2,381 at press time.

Bitcoin ETFs saw record inflows as miners expanded operations — analysts from H.C. Wainwright link a BTC rally to easing global monetary policies.

According to H.C. Wainwright’s latest report shared with crypto.news, Bitcoin (BTC) closed the week ending September 29 with a 3.2% rise, hitting $65,618. This contrasts with its usual trend, as September is typically a weak month for BTC. 

Historically, September has seen an average 3.7% drop, but this year’s gains suggest a shift. Analysts at the firm link this unusual rise to global central banks easing monetary policy, with 21 rate cuts in September. Such actions often boost BTC prices, as reflected by BTC’s surge after the Fed’s recent rate cut.

That said, crypto markets slumped on Oct. 1 as geopolitical tensions between Israel and Iran triggered a sell-off, causing Bitcoin to drop 3.9% and Ethereum (ETH) to fall over 6%. 

The conflict also impacted crypto-mining stocks, with Marathon Digital and CleanSpark shares declining by about 9% and 6%, respectively.

Spot ETFs and miner performance

According to the analysts, spot Bitcoin ETFs saw over $1 billion in inflows last week, marking the first such weekly inflows since July. This indicates strong investor interest, with $494.4 million arriving on September 27 alone. Since January, these ETFs have accumulated $18.8 billion in total inflows.

Miners also experienced a notable week last week. Mining stocks rallied 15.1% week-on-week as Bitcoin prices rose, leading to higher hash prices — a key metric that indicates miner profitability.

Positive developments in the BTC mining space

Analysts from H.C. Wainwight view the Bitcoin mining industry as poised for growth. Hut 8 began its GPU-as-a-service business, signing a five-year deal with an AI cloud developer. This deal is expected to generate $20 million in annual revenue. 

Meanwhile, Cipher completed its purchase of a new 300 MW mining site in West Texas for $67.5 million, expanding its operations. 

Additionally, Bitdeer tested its second-generation SEAL02 mining chip, hitting key efficiency targets and planning mass production in 2024.