Fed uncertainty led to a $550 million withdrawal from Bitcoin and Ethereum ETFs.
On October 29th, a large withdrawal occurred from US cryptocurrency ETFs. Bitcoin funds lost about $470.71 million, while Ethereum ETFs recorded an outflow of $81.44 million, according to data from SoSoValue.
Both assets have fallen in value since Federal Reserve Chairman Jerome Powell suggested the latest 25 basis point rate cut at its October meeting could be the last rate cut in 2025.
Bitcoin ETF Analysis
The Bitcoin ETF recorded total net outflows of $470.71 million. Fidelity FBTC leads with $164.36 million, followed closely by Ark & 21Shares with $143.8 million.
Additional selling amounts were $88.08 million for BlackRock IBIT, $65.01 million for Grayscale GBTC, and $6.03 million for Bitwise BITB. The smallest outflow was recorded at 3.43 million Grayscale BTC.
Unlike yesterday, neither fund made a profit. The total transaction value surged to $7.07 billion, showing a strong upward trend. Its net assets were $149.98 billion, accounting for 6.75% of Bitcoin’s market capitalization.
Ethereum ETF Analysis
Total net outflows from the Ethereum ETF were $81.44 million, with trading activity limited to five of the nine funds. Fidelity’s FETH led withdrawals at $69.49 million, while VanEck’s ETHV had the least outflows at $4.31 million.
Grayscale’s ETH and ETHE products also recorded outflows of $16.18 million and $12.83 million, respectively. Meanwhile, BlackRock’s ETHA stood out as the only fund to record inflows, adding $21.36 million during the session.
Overall, the total ETF trading volume on Ethereum reached $2.43 billion, a slight increase from the previous day. Total assets were $26.6 billion, accounting for approximately 5.58% of Ethereum’s total market capitalization.
market situation
Bitcoin prices fell again on Thursday, down 3.71% to $108,325.44. Daily trading volume reached $64.45 billion, and market capitalization decreased to $2.17 trillion.
Ethereum also fell, trading at $3,904.19 after falling 2.68% over the past 24 hours. The token’s trading volume reached $38.44 billion, and its market capitalization is currently around $471.23 billion.
The Federal Reserve’s recent comments about pausing further interest rate cuts have added uncertainty to the market, sparking volatility and selling pressure across cryptocurrencies.
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