Bitcoin ETF recorded $243 million in outflows as markets tumbled due to Iran's missile attack on Israel. BTC price also fell, hitting a low of $60,300 before recovering to levels above $61,000.
Bitcoin exchange-traded funds recorded net outflows for the first time in two weeks, with $243 million outflows on October 2, 2024.
The leak comes as Bitcoin (BTC) prices plummeted on Tuesday as Iran's attack on Israel threatens to further escalate geopolitical tensions in the Middle East. The Spot Bitcoin ETF suffered its first outflow since September 18, as institutional investors are deeply concerned about the instability in the Middle East.
Bitcoin ETF records continuous inflows
With the outflow on October 1st, the US spot BTC ETF market recorded eight consecutive days of net inflows. The Bitcoin ETF also recorded its largest outflow since September 3, when more than $287 million was exited from the market. This consecutive outflow was also the 8th consecutive day.
With the exception of BlackRock's IBIT, which had inflows of over $40.8 million, all other ETFs had zero outflows or net inflows.
Fidelity's FBTC led the way with negative flows of over $144.7 million, while Arc21Shares' ARKB recorded outflows of over $84.3 million. Meanwhile, Grayscale Mini Bitcoin Trust, Franklin, Invesco, Valkyrie, and WisdomTree ETFs had zero net flows.
BTC price drops to $63,000
Amid these developments, BTC price fell by more than 4%, with losses hitting a low of $60,300 across major crypto exchanges. From a high of over $64,000, this means that the bulls gave up almost $4,000 before finding support.
This was the sharpest price decline for Bitcoin since September 6, when BTC fell from over $56,170 to nearly $52,500.
As BTC prices fell, major whales dumped over $46 million of BTC on Binance. According to Spot On Chain, this particular whale had accumulated 3,933 BTC worth over $234 million between August 29, 2024 and September 15, 2024.
Despite the huge sale, BTC whales still hold 9,736 Bitcoins worth over $601 million.
Bitcoin is trading above $61,000.
