While Fidelity and BlackRock dominate the performance charts, which ETFs are lagging behind?
- Bitcoin ETFs IBIT and FBTC excelled with over $10 billion in assets amid the market downturn. Ethereum ETFs struggled, facing cumulative outflows as Bitcoin and Ethereum prices declined.
As the cryptocurrency market grapples with a broader downturn, Bitcoin [BTC] ETFs are not immune to the prevailing trends.
Recent reports from Farside Investors reveal that BTC ETFs experienced significant outflows, amounting to $52.9 million on 2nd October.
Balchunas highlights top performers
However, amidst 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, boasting over $10 billion in Assets Under Management (AUM), highlighting their resilience and appeal to investors even in turbulent times.
In his X (formerly Twitter) post, Balchunas noted,
Source: Eric Balchunas/X
Echoing Balchunas’ sentiment, an X user added,
Source: Charles/X
Blackrock’s and Fidelity’s Bitcoin ETFs analyzed
This trend was further confirmed by data from Farside Investors, revealing that since its launch, BlackRock’s IBIT has amassed a staggering $21.5 billion in total inflows, while Fidelity’s FBTC has attracted $9.9 billion.
These two ETFs have set the pace, leaving other funds trailing.
However, October, traditionally viewed as an “Uptober” month following a declining September, has brought mixed results.
On the 1st of October, IBIT experienced an inflow of $40.8 million, contrasting sharply with FBTC, which faced outflows of $144.7 million.
IBIT recorded outflows of $13.7 million on the 2nd of October, while FBTC rebounded with inflows of $21.1 million, illustrating the volatility and shifting dynamics within the ETF landscape.
Ethereum ETF performance
Conversely, the performance of Ethereum [ETH] ETFs has also been underwhelming.
On the 1st of October, cumulative outflows for ETH ETFs reached $48.6 million, with BlackRock’s ETHA experiencing no inflows or outflows, while Fidelity’s FETH saw outflows of $25 million.
ETHA continued to struggle, posting outflows of $18 million on the following day.
Whereas FETH maintained a steady position with no flows recorded.
This trend highlights the challenges facing Ethereum ETFs in the current market environment.
Growing concerns around Grayscale’s GBTC
Amidst there was another X user who asked a very concerning question,
“Would this not then make #GBTC one of the worst performing ETFs of this decade?”
This observation is further substantiated by the latest update from Farside Investors, revealing that Grayscale’s GBTC has experienced a staggering total outflow of $20.1 billion since its launch.
Similarly, Grayscale’s Ethereum ETF, ETHE, had faced significant outflows totaling $2.93 billion, which surpassed the combined outflows of all other ETH ETFs.
BTC and ETH price action
On the price front, both cryptocurrencies were experiencing a downward trend, with Bitcoin trading at $60,480.03, reflecting a decline of 0.98% in the past 24 hours.
Meanwhile, Ethereum was trading at $2,347.81, showing a more substantial dip of 4.35% over the same period.
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