Ethereum

Bitcoin ETF

Bitcoin

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin and Ethereum ETFs experienced significant outflows due to rising geopolitical tensions.</li>
 <li>The global crypto market cap fell by 4.10% while traditional commodities like gold and crude oil saw gains.</li>
</ul>
<h2 id="bitcoin-etfs-record-outflows">Bitcoin ETFs Record Outflows</h2>
<p>Bitcoin [BTC] exchange-traded funds (ETFs) recently witnessed a significant reversal after a period of robust inflows.</p>
<p>On the 27th of September, inflows reached $494.4 million, but by the 1st of October, eleven U.S. spot <a href="https://coineagle.com/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> ETFs experienced a collective outflow of $242.6 million.</p>
<p>Fidelity’s FBTC was among the most affected, with $144.7 million in outflows.</p>
<p>Other significant losses were seen in the ARK 21Shares’ ARKB and Bitwise’s BITB.</p>
<p>In contrast, BlackRock’s IBIT saw an influx of $40.8 million, indicating a mixed sentiment within the Bitcoin ETF market.</p>
<h2 id="geopolitical-tensions-impact-crypto-markets">Geopolitical Tensions Impact Crypto Markets</h2>
<p>The recent decline in Bitcoin and cryptocurrency markets is largely attributed to escalating tensions between Israel and Iran.</p>
<p>Iran’s missile strikes in response to Israel’s actions against Hezbollah have fueled market uncertainty, leading to significant sell-offs.</p>
<p>This conflict isn’t new; earlier this year, Iran retaliated with drone and missile attacks that caused Bitcoin to drop over 8%.</p>
<h2 id="ethereum-etfs-experience-decline">Ethereum ETFs Experience Decline</h2>
<p>Ethereum [ETH] ETFs also saw a decline similar to Bitcoin ETFs.</p>
<p>As of the 1st of October, cumulative outflows for <a href="https://coineagle.com/price/ethereum/" rel="noopener noreferrer nofollow">Ethereum</a> ETFs totaled $48.6 million.</p>
<p>Grayscale’s ETHE, Fidelity’s FETh, and Bitwise’s ETHW were among the most affected.</p>
<p>The impact of escalating tensions in the Middle East extended beyond ETFs, affecting the entire cryptocurrency market.</p>
<p>The global crypto market cap fell to $2.17 trillion, facing a decline of 4.10%.</p>
<p>Bitcoin’s value dropped over 3%, while Ethereum saw a sharper decline of more than 6% in just 24 hours.</p>
<p>In contrast, traditional commodities like gold and crude oil experienced significant gains.</p>
<p>Gold prices rose by 1.4%, reaching $2,665 per ounce, close to an all-time high.</p>
<p>Crude oil prices surged nearly 7%, hitting $72 per barrel.</p>
<p>Additionally, both bonds and the U.S. dollar strengthened following Iran’s missile strikes targeting Israel on the 1st of October.</p>

Unraveling the Cause Behind Historic Withdrawals from Bitcoin ETF

Table of Contents

CoinEagle.com

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