On October 2, 2024, Bitcoin exchange-traded funds (ETFs) experienced their first net outflows in two weeks, with $243 million exiting the market.
This downturn coincided with a significant drop in Bitcoin’s price, which fell over 4% amid escalating geopolitical tensions in the Middle East, particularly following Iran’s attack on Israel. The outflows marked the end of an eight-day streak of net inflows for U.S. spot Bitcoin ETFs, with the largest outflow since early September.
While BlackRock’s IBIT ETF saw inflows of over $40.8 million, other major players like Fidelity’s FBTC and Ark 21Shares’ ARKB faced substantial losses, with negative flows of $144.7 million and $84.3 million, respectively.
As Bitcoin’s price dipped to around $60,300 from previous highs above $64,000, a significant whale offloaded over $46 million in BTC on Binance, despite still holding a substantial stash of 9,736 bitcoins valued at over $601 million.
This marked the sharpest price decline for Bitcoin since early September, reflecting the market’s sensitivity to external pressures and investor sentiment.
