Ethereum

Jerome Powell

Bitcoin

<p>Bitcoin faced a significant fall yesterday and this fire did not even spare the ETF ecosystem. Bitcoin ETFs, yesterday recorded their largest outflow in a month. This broke the eight day inflow streak. This outflow coincided with the <strong><a href="https://coinpedia.org/news/why-did-bitcoin-crash-is-53600-coming-imminent/" target="_blank" rel="noopener noreferrer nofollow">6% drop</a></strong> in value of Bitcoin majorly due to rising war tension in the Middle East.</p>  
<h2 class="wp-block-heading" id="h-who-experienced-the-largest-withdrawals">Who Experienced the Largest Withdrawals?</h2>  
<p>Fidelity’s FBTC faced the biggest outflow, with $144.67 million leaving the fund. Ark’s ARKB followed, suffering $84.35 million in withdrawals. In contrast, BlackRock’s IBIT ETF gained $40.84 million, the only ETF to record inflows.</p>  
<figure class="wp-block-image aligncenter size-full"><img src="https://image.coinpedia.org/wp-content/uploads/2024/10/02211029/image-33.png" alt="Bitcoin ETF list" class="wp-image-358858">
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<p>Other funds also experienced significant losses. Bitwise’s BITB lost $32.7 million, while VanEck saw $15.75 million exit. Grayscale’s GBTC had $5.9 million withdrawn.</p>  
<h2 class="wp-block-heading" id="h-ethereum-funds-also-struggled">Ethereum Funds Also Struggled</h2>  
<p>Fidelity’s Ethereum Fund (FETH) experienced a record $25 million in outflows. This represented the <a href="https://farside.co.uk/eth/" target="_blank" rel="noopener noreferrer nofollow">highest daily withdrawal</a> among US spot Ethereum ETFs. Collectively, Ethereum funds saw $48.6 million leave across nine issuers.</p>  
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  https://twitter.com/FarsideUK/status/1841323173255561589
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<h2 class="wp-block-heading" id="h-factors-behind-the-bitcoin-decline">Factors Behind the Bitcoin Decline</h2>  
<p>Bitcoin’s recent decline came after a 5% dip on October 1. After an attempt to recover, it fell another 5.9%, hitting $60,200. Market pressures caused panic selling among investors. Bitcoin struggled to maintain support above $65,500.</p>  
<p>Two major non-market factors contributed to this <a href="https://coinpedia.org/news/why-did-bitcoin-crash-is-53600-coming-imminent/" target="_blank" rel="noopener noreferrer nofollow">crash</a>. First, Jerome Powell stated that interest rate cuts are not imminent, which unsettled investors. Second, the conflict between Israel and Iran created global market unease.</p>  
<h2 class="wp-block-heading" id="h-what-s-next-for-investors">What’s Next for Investors?</h2>  
<p>The current situation highlights how geopolitical tensions can impact the crypto market. Investors should be cautious as Bitcoin might test lower levels, potentially around $53,600. Keeping a close eye on market developments is essential for those involved in cryptocurrencies.</p>

Bitcoin ETFs Hit Hard: $242.6 Million in Outflows as Tensions Rise

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