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Bitcoin ETFs Saw the Largest Outflow in Over Three Weeks

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U.S. spot Bitcoin exchange-traded funds (ETFs) recorded $127 million in net outflows on Tuesday, marking the largest single-day withdrawal since Aug. 6. The outflow ended an eight-day streak of positive inflows totalling $756 million.

On Tuesday, the Bitcoin ETF offering from Ark Invest saw the biggest outflow, at $102 million. Grayscale’s Bitcoin Trust and Bitwise’s Bitcoin ETF also posted net outflows of $18 million and $7 million, respectively.

BlackRock’s Bitcoin ETF saw no inflows after a $224 million inflow on Monday, its largest in over a month, while Fidelity’s and other Bitcoin ETFs also saw no changes in inflows or outflows.

The largest contributor to yesterday’s outflows seems to have been investors’ profit-taking after Bitcoin surged past $60,000 early this week. Since then, Bitcoin has pulled back around 10% below $60,000 upon this news.

The ETF outflows came as leading financial institutions expanded their bitcoin product offerings. On Tuesday, CME Group launched a new Bitcoin futures contract aimed at retail traders. Nasdaq also filed for regulatory approval of Bitcoin index options.

The ongoing development of regulated Bitcoin investment vehicles highlights increasing mainstream demand. While spot Bitcoin ETFs saw outflows this week, the overall trajectory points to growing institutional adoption.



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Spot Bitcoin ETF net outflows streak hits three days, totaling $361.2m

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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.



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Cathie Wood’s Ark Invest Loads Coinbase (COIN) Stock After Trump-Harris Debate

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Cathie Wood’s Ark Investments recently made a fresh purchase of the Coinbase stock following the dip to $150 levels on Wednesday. Ark Invest made the most of the dip opportunity as crypto stocks slumped in the early trading hours on Wednesday following the Trump-Harris debate a day before.

Ark Invest Buys 53708 Coinbase Stock

As per the filing submitted by Ark Investments, the asset manager purchased a total of 53708 COIN stocks, worth more than $8 million, on Wednesday, September 11. The investment happened via three different Ark ETFs where the ARK Innovation ETF (ARKK) purchased 38,475 COIN shares.

On the other hand, the ARK Next Generation Internet ETF (ARKW) purchased 9,349 COIN shares while the Ark Fintech Innovation ETF (ARKF) purchased a total of 5,884 COIN shares.

Cathie Wood was one of the biggest holders of the Coinbase stock since its IPO times. However, following a massive runup in 2023, the asset manager has been offloading its COIN holdings for some profit booking, around $250 levels.

Now that the COIN stock has gone major retracement of over 40% from the highs of $265 in July, Ark Invest is exploring fresh opportunities with the latest purchase. After dropping to the $150 level in the early trading hours on Wednesday, the COIN stock closed the day at $157.15.

Last week, the COIN stock was also under some selling pressure following Judge Katherine Polk Failla siding with the regulator in the ongoing Coinbase vs SEC lawsuit.

Last week, the British banking giant Barclays upgraded the COIN stock from underweight to equal weight. The banking giant added that Coinbase can benefit from a favorable regulatory environment as both Presidential candidates adopted a supportive stance toward the digital asset industry. It also added that the approval of several spot crypto exchange-traded funds (ETFs) will boost the company’s prospects.

In another development, Coinbase resumed the trading of Polygon POL token on Wednesday, after the recent migration from MATIC.

Paul Grewal Slams FDIC

Previously, the crypto exchange requested the court to release some major documents relating to the case. Coinbase Chief Legal Officer Paul Grewal recently criticized the Federal Deposit Insurance Corporation (FDIC) for withholding key communications.

He further cited the agency’s justification as an attempt to hide details of how it pressured banks to cut ties with crypto firms. Grewal stated that the FDIC is afraid that the communication would reveal too much about the agency.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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ARK 21Shares

State of Michigan Unveils Nearly $6,600,000 Investment in ARK 21Shares Bitcoin ETF

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New documents reveal that the State of Michigan holds millions of dollars worth of investments in the ARK 21Shares Bitcoin (BTC) exchange-traded fund (ETF).

According to a new 13-F filing with the U.S. Securities and Exchange Commission (SEC), the State of Michigan Retirement System has purchased 110,000 shares of ARK 21Shares BTC ETF (ARKB) worth nearly $6.6 million.

Says senior Bloomberg ETF analyst Eric Balchunas,

“Just checked and yes, [it] looks like Michigan’s Pension bought up some ARKB (although we have it as $7.4 million) which is small percentage-wise for them but it’s a start, they [are] now [the] third pension to report owning a BTC ETF.”

The ARK 21Shares’ BTC ETF is trading for $68.04 at time of writing, a 5.3% increase in the last 24 hours.

According to ETF-focused data analytics platform VettaFi, ARKB currently has $3.241 billion in total assets – the fourth-largest BTC ETF on the market.

The State of Michigan Retirement System is a statewide public pension plan for Michigan state employees, including public school workers. Based on the most recent 13-F filing, the State of Michigan Retirement System oversees $19.42 billion in assets.

In March, SEC documents unveiled that the State of Wisconsin Investment Board is holding $163 million worth of combined shares of BlackRock’s iShares Bitcoin Trust (IBIT) and Grayscale’s Bitcoin Trust (GBTC).

Bitcoin is trading for $68,208 at time of writing, a slight increase during the last 24 hours.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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