- Bitcoin ETFs IBIT and FBTC performed well even during the market downturn with over $10 billion in assets.
- Ethereum ETFs struggled as they faced cumulative outflows as Bitcoin and Ethereum prices fell.
As the crypto market faces a widespread economic downturn, Bitcoin [BTC] ETFs are also not immune to general trends.
recent reports far side investor It was revealed that the BTC ETF experienced significant outflows amounting to $52.9 million on October 2nd.
Balchunas highlights top performers
But amidst this difficult climate, Eric Balchunas, senior ETF analyst at Bloomberg, named two standout Bitcoin ETFs as top performers of the 2020s: BlackRock's IBIT and Fidelity's FBTC.
Both funds have achieved 'stud-level' status and boast over $10 billion in assets under management (AUM), underscoring their resilience and attractiveness to investors in times of turmoil.
Balciunas said in a post on X (formerly Twitter):
Source: Eric Balchunas/X
Echoing Balchunas' opinion, user X added:
Source: Charles/X
Analyzing BlackRock and Fidelity Bitcoin ETFs
This trend was further confirmed by the following data: far side investorrevealed that since its launch, BlackRock's IBIT has raised an impressive $21.5 billion in total inflows, while Fidelity's FBTC has attracted $9.9 billion.
These two ETFs are setting the pace and trailing other funds.
However, results have been mixed, as October is traditionally seen as the “up” month following the sluggish September.
On October 1, IBIT had inflows of $40.8 million, in contrast to FBTC, which faced outflows of $144.7 million.
On October 2, IBIT recorded outflows of $13.7 million, while FBTC rebounded with inflows of $21.1 million, illustrating the change in volatility and dynamics within the ETF environment.
Ethereum ETF performance
On the other hand, Ethereum's performance [ETH] ETFs are also in decline.
The cumulative outflow amount on October 1st is ETH ETF reached $48.6 million, with BlackRock's ETHA having no inflows or outflows, while Fidelity's FETH saw $25 million in outflows.
ETHA continued to struggle, recording $18 million in outflows the next day.
Meanwhile, FETH maintained a stable position with no flow rate recorded.
This trend highlights the challenges facing Ethereum ETFs in the current market environment.
Growing Concerns About Grayscale’s GBTC
There was another one among them X user The person who asked the very worrying question:
“Wouldn’t this make #GBTC one of the worst-performing ETFs of the decade?”
This observation is further supported by the latest update from Farside Investors, which reveals that Grayscale's GBTC has experienced a staggering $20.1 billion in total outflows since its inception.
Similarly, the Grayscale Ethereum ETF (ETHE) faced significant outflows totaling $2.93 billion, which was more than all other ETH ETFs combined.
BTC and ETH price movements
In terms of price, both cryptocurrencies were on a downward trend. bitcoin trading It was $60,480.03, reflecting a decline of 0.98% in the past 24 hours.
meanwhile, Ethereum was traded was $2,347.81, representing a more significant decline of 4.35% over the same period.
