US Spot Bitcoin ETFs Start Q4 2024 with $300 Million in Weekly Outflows – Key Details

Spot Bitcoin ETFs kicked off the fourth quarter of 2024 on a turbulent note, closing the week with over $300 million in net outflows. This coincided with Bitcoin’s bearish performance in early October, as its value dropped by more than 6% in the first five days of the month.

Spot Bitcoin ETFs See Negative Outflows After Three Positive Weeks

Data from the market tracking platform SoSoValue shows that US-based spot Bitcoin ETFs experienced a total net outflow of $301.54 million during the first week of Q4 2024, breaking a three-week streak of positive returns.

The ETFs had previously recorded a net inflow of $61.30 million on September 30. However, as Bitcoin's price sharply declined due to rising geopolitical tensions in the Middle East, the funds saw three consecutive days of cumulative outflows totaling $388.42 million.

On Friday, October 4, the spot BTC ETFs regained some ground, registering a net inflow of $25.59 million. Despite this late-week recovery, it wasn’t enough to offset the earlier losses. Still, these investment products are expected to attract significant capital in Q4, driven by optimistic price forecasts for Bitcoin.

Spot Bitcoin ETFs Hold Strong Despite Volatility

Despite the weekly decline, spot Bitcoin ETFs have continued to perform well since their January launch. According to analyst Quinten Francois, they rank among the top four most successful ETF launches of 2024. With a potential Bitcoin bull run looming, these ETFs are likely to attract more institutional investments in the coming weeks.

Currently, the total net inflows for spot Bitcoin ETFs stand at $18.50 billion, with total net assets valued at $57.73 billion, representing 4.68% of Bitcoin’s circulating supply. BlackRock’s IBIT dominates the market with $22.91 billion in investments, while Grayscale’s GBTC and Fidelity’s FBTC hold $13.75 billion and $11.09 billion in assets, respectively.

Spot Ethereum ETFs Return to Negative Weekly Flows

Meanwhile, US-based spot Ethereum ETFs also reported weekly net outflows of $30.69 million in the first week of Q4 2024, continuing a negative trend that began on August 16. Unlike their Bitcoin counterparts, ETH spot ETFs have had a rough start, with total net outflows reaching $553.66 million since their debut. These funds account for 2.28% of Ethereum’s circulating supply, with total net assets of $6.6 billion.