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Bitcoin ETFs Bleed $242.6M, Biggest Outflow Since Sept. 3
The outflows snapped an eight-day winning streak as BTC lost as much as 6% amid an acute heightening of tensions in the Middle East.
- Bitcoin ETFs saw outflows of $242.6 million on Tuesday amid escalating tensions in the Middle East.
- BTC fell to a low of $60,300, erasing almost all of its gains since the Fed's rate cut last month.
Bitcoin {{BTC}} exchange-traded funds (ETFs) in the U.S. saw outflows of $242.6 million on Tuesday in their worst day since Sept. 3, according to data from SoSoValue.
The outflows snapped an eight-day streak of inflows as BTC lost as much as 6% amid an acute sharpening of tensions in the Middle East that saw Iran fire around 200 ballistic missiles at Israel on Tuesday. The strike followed Israel's attacks on Hezbollah, designated a terror group by more than 60 jurisdictions including the U.S., European Union and Arab League, in Lebanon in recent weeks. Israeli Prime Minister Benjamin Netanyahu vowed to retaliate.
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Bitcoin fell to a low of $60,300, erasing almost all of its gains since the U.S. Federal Reserve's interest-rate cut last month, signaling an inauspicious start to "Uptober," the community's affectionate name for the calendar month that has historically seen the highest gains for BTC. The largest cryptocurrency has lost 2.6% since the start of the month, CoinDesk Indices data show.
Ether ETFs also suffered on Tuesday with outflows of $48.5 million, the worst day since Sept. 23.
Read More: Bitcoin Ends Historic September With a Dip, but Breakout May Not Come Before U.S. Election
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When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
What to know:
- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
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