- Bitcoin ETFs IBIT and FBTC excelled with over $10 billion in assets during the market downturn.
- Ethereum ETFs struggled and faced cumulative outflows as Bitcoin and Ethereum prices fell.
As the cryptocurrency market grapples with a broader downturn, Bitcoin [BTC] ETFs are not immune to prevailing trends.
Recent posts from Farside Investors shows that BTC ETFs saw significant outflows, which amounted to $52.9 million on October 2.
Balchunas highlights top performers
However, amid this challenging landscape, Eric Balchunas, a senior ETF analyst at Bloomberg, has identified two standout Bitcoin ETFs – BlackRock’s IBIT and Fidelity’s FBTC – as top performers of the 2020s.
Both funds have achieved stud level status and boast over $10 billion in Assets Under Management (AUM), highlighting their resilience and appealing to investors even in turbulent times.
In his X-post (formerly Twitter), Balchunas noted:
Source: Eric Balchunas/X
Echoing Balchunas’ sentiment, an X user added:
Source: Charles/X
Blackrock and Fidelity’s Bitcoin ETFs analyzed
This trend was further confirmed by data from Farside InvestorsThis shows that BlackRock’s IBIT has amassed a whopping $21.5 billion in total inflows since launch, while Fidelity’s FBTC has attracted $9.9 billion.
These two ETFs have set the pace, leaving other funds behind.
However, October, traditionally seen as an “Uptober” month after a declining September, has produced mixed results.
On October 1, IBIT experienced inflows of $40.8 million, which was in stark contrast to FBTC, which experienced outflows of $144.7 million.
IBIT recorded outflows of $13.7 million on October 2, while FBTC recovered with inflows of $21.1 million, illustrating the volatility and changing dynamics within the ETF landscape.
Ethereum ETF Performance
Conversely, Ethereum’s performance [ETH] ETFs were also disappointing.
The cumulative outflow ends on October 1 ETH ETFs reached $48.6 million, with BlackRock’s ETHA seeing no inflows or outflows, while Fidelity’s FETH saw outflows of $25 million.
ETHA continued to struggle, posting an outflow of $18 million the next day.
While FETH maintained a stable position and no currents were recorded.
This trend highlights the challenges Ethereum ETFs face in the current market environment.
Increasing concerns surrounding Grayscale’s GBTC
There was another one in between X user who asked a very disturbing question,
“Wouldn’t this make #GBTC one of the worst performing ETFs of this decade?”
This observation is further supported by Farside Investors’ latest update, which shows that Grayscale’s GBTC has experienced a staggering total outflow of $20.1 billion since launch.
Similarly, Grayscale’s Ethereum ETF, ETHE, had experienced significant outflows totaling $2.93 billion, exceeding the combined outflows of all other ETH ETFs.
BTC and ETH price action
On the price front, both cryptocurrencies experienced a downward trend Bitcoin trading at $60,480.03, reflecting a decline of 0.98% in the past 24 hours.
In the meantime, Ethereum traded at $2,347.81, showing a more substantial decline of 4.35% over the same period.