US Bitcoin Exchange-Traded Funds Performance

US-based spot bitcoin exchange-traded funds (ETFs) experienced modest daily inflows on Friday but concluded the week with a net negative outflow for the first time since September 6.

The total net assets held by these funds fell from $61.21 billion on September 27 to $57.73 billion, driven by outflows and a decrease in bitcoin’s price from about $65,000 on September 27 to around $62,000 on October 4.

On Friday, the funds recorded a modest daily total net inflow of $25.6 million, as reported by SoSoValue data. This was led by a $15.3 million inflow into Bitwise’s BITB fund. Fidelity’s FBTC received the second-highest inflow of $13.6 million, while VanEck’s HODL and Ark & 21Shares’ ARKB each contributed $5.29 million.

Bitwise revealed plans to revamp its three crypto futures ETFs by adding Treasuries to mitigate volatility. Matt Hougan, Chief Information Officer at Bitwise, stated, “The goal is to help minimize downside volatility and potentially improve risk-adjusted returns.”

Grayscale’s GBTC was the only fund to experience outflows, with $13.9 million exiting on Friday. Other funds recorded no significant inflows or outflows.

Ethereum ETFs Weekly Performance

Similarly, Ethereum ETFs faced a net weekly outflow despite a modest daily inflow of $7.4 million on Friday, accumulating a total net negative outflow of $30.7 million.

The day’s inflows were primarily due to BlackRock’s ETHA fund, which saw inflows of $14.7 million. Bitwise’s ETHW logged $871,000, with no other funds showing significant inflows.

These inflows were countered by $8.2 million in outflows from Grayscale’s ETHE fund and a decline in ether’s price from about $2,700 on September 27 to around $2,400 on October 4.

Notably, last week BlackRock’s spot Ethereum fund surpassed $1 billion in net asset value for the first time. However, recent declines have brought its value down to $987.6 million, as per SoSoValue data.