Highlights:
- BTC and ETH ETFs have recorded massive Outflows in their most recent flow data.
- The spontaneous decline mirrored the growing war tension in the Middle East following Iran’s latest attack on Israel.
- Bitcoin and Ethereum saw considerable declines in their selling prices that broke below crucial levels.
Bitcoin (BTC) and Ethereum (ETH) Exchange Traded Funds (ETFs) took significant hits as the crypto market slumped suddenly from the growing war tension in the Middle East. In the least expected turn of events, Iran launched an unprecedented attack on Israel, compounding the hostilities existing in the region.
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If Israel react to this first wave, Iran plans to respond with a "crushing attack" second wave.
Iran claims this is… pic.twitter.com/JZFQZBok2l
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Consequently, the entire crypto market is drowning in losses, evidenced by a sudden 5.4% drop in the past 24 hours. According to Spotonchain ETFs flow data, BTC commodities bled profusely with about $242.6 million in net outflows. Similarly, ETH ETFs suffered significant blows, with $48.6 million in forfeited funds. Noteworthily, the combined losses from Bitcoin and Ethereum ETFs marked their highest-ever outflows since September 3, 2024.
🇺🇸 Spot ETF: 🔴$242.6M to $BTC and 🔴$48.6M to $ETH
🗓️ Oct 01, 2024👉 Yesterday marked the largest net outflows for both BTC and ETH ETFs since September 3, following Iran's unprecedented direct attack on Israel, which caused the market to crash.
Follow @spotonchain and check… pic.twitter.com/rlb3R70D62
— Spot On Chain (@spotonchain) October 2, 2024
FBTC Bleeds Heavily with Over $100 Million in Losses
Six Bitcoin ETFs were active, and five recorded zero flows. Interestingly, only BlackRock Bitcoin ETF (IBIT) witnessed inflows at about $40.8 million. The remaining four commodities registered outflows as Fidelity Bitcoin ETF (FBTC) led the losses charts. Notedly, FBTC saw about $144.7 million in losses.
Other Bitcoin ETFs that registered outflows include Ark 21Shares Bitcoin ETF (ARKB), Bitwise Bitcoin ETF (BITB), VanEck Bitcoin ETF (HODL), and Grayscale Bitcoin ETF (GBTC). They witnessed losses of about $84.3 million, $32.7 million, $15.8 million, and $5.9 million, respectively.
Following its most recent flow data, Bitcoin ETFs cumulative net inflow has dropped slightly to about $18.62 billion. Other relevant ETF statistics revealed that the total value traded was approximately $2.53 billion, while total net assets reflected about $57.36 billion.
ETH ETFs Record Activities from Five Entities
Like Bitcoin, Ethereum ETFs witnessed a reduction in activities. Two commodities welcomed meager inflows, while three registered outflows. VanEck Etheteum ETF (ETHV) and 21Shares Etheteum ETF (CETH) were the only two entities that recorded inflows. They saw profits of approximately $2.7 million and $1.2 million, respectively.
In losses, Grayscale Ethereum ETF (ETHE) topped the chart with roughly $26.6 million in outflows. Other entities that experienced losses were Fidelity Ethereum ETF (FETH) with $25 million and Bitwise Ethereum ETF (ETHW) with $0.9 million.
Unlike Bitcoin, Ethereum commodities net outflows had little impact on the cumulative variables. Notably, the total net inflow continued to wallow in losses of approximately $572.31 million. The total traded value reflected $290.81 million, while total net assets were roughly $6.81 billion.
Bitcoin and Ethereum Prices Record Spontaneous Slumps
At the time of press, Bitcoin and Ethereum have dropped below critical support levels. While BTC is heading towards $60,000, Ethereum has plummeted below $2,500. For context, BTC is changing hands at approximately $61,660, reflecting a 3.6% upswing in the past 24 hours. Within the same time frame, BTC saw minimum and maximum price levels, ranging between $60,315.46 – $64,130.79.
In the past seven days, BTC also saw price slumps of about 3.4%, with price extremes ranging between $60,773.96 – $66,304.17. The 7-day upper and lower price limits underscored BTC’s sudden slumps amid Iran’s fresh attack on Israel.
On its part, Ethereum has a $2,480 selling price, mirroring a 6% drop in the past 24 hours. In minimum and maximum price readings, ETH displayed prices ranging between $2,429.11 – $2,649.05 in its 24-hour-to-date price change variable. For its weekly upper and lower price limits, ETH recorded $2,450.28 – $2,718.30, underscoring the worrying price slumps.
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