On October 1st, the entire U.S. Bitcoin ETF market faced a brutal reality. Not a single ETF made a Bitcoin purchase — except for BlackRock.

While all funds saw money fly out the door, BlackRock’s IBIT was the only ETF standing tall, securing over $40 million in net inflows. 

Meanwhile, the rest collectively suffered over $242 million in net outflows. This reversed an eight-day streak of inflows that had started on September 19.

Fidelity’s FBTC got hit the hardest, watching $144 million vanish from its fund. Other players like ARKB and Bitwise’s BITB weren’t spared either, with notable redemptions.

Geopolitical tensions keep Bitcoin down

This sudden selloff in Bitcoin ETFs came as tensions went sky high in the Middle East. Literally. A large-scale missile attack from Iran hit several major cities in Israel on October 1st.

The attack was seen as retaliation for Israeli strikes against Hezbollah forces. Israeli Prime Minister Benjamin Netanyahu has promised swift retaliation, saying:

“Iran made a big mistake tonight, and it will pay for it.” 

These rising geopolitical tensions cause fears of wider instability in the region. Investors, reacting to the heightened uncertainty, tend to pull back from risky assets, making crypto all the more volatile.

Inflows into Bitcoin ETFs for September had reached approximately $365 million, and BlackRock’s IBIT once again led the charge.

The fund saw a massive single-day inflow of $184 million on September 25th.

Right now, the Crypto Fear and Greed Index has gone from a neutral score of 50 to a dangerous 42. Bitcoin’s price dropped below $62,000, hitting a low of around $60,300, a 5%+ decrease in just three hours.

The total crypto market capitalization also dropped by 4.7%. It remains to be seen if the tides will turn, but for now, it looks like Uptober isn’t going to be the beast we were all excited for.

Earn more CFN tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://cryptoforum.news0

CFN Comment Policy

Your comments MUST BE constructive with vivid and clear suggestion relating to the post.

Your comments MUST NOT be less than 5 words.

Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.

Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.

Constructive REPLY to comments is allowed