Outflows Hit Bitcoin ETFs as Middle East Tensions Rise!

US spot Bitcoin ETFs saw outflows of $242.6 million on Tuesday.

Danielle du Toit
October 02, 2024

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It seems like investors are spooked by the tensions in the Middle East as US spot Bitcoin ETFs saw outflows of $242.6 million on Tuesday.

This was the largest outflow in almost a month, after Sept. 3 which saw $288 million leave the US BTC ETFs.
The Fidelity Wise Origin Bitcoin Fund saw the biggest outflow at $144.7 million, followed by the ARK 21Shares Bitcoin ETF, which lost $84.3 million.
The Bitwise Bitcoin ETF, VanEck Bitcoin ETF, and Grayscale Bitcoin Trust experienced outflows of $32.7 million, $15.8 million, and $5.9 million, respectively. The other funds like Invesco, Franklin, and Valkyrie recoded zero flows.

According to a listing on the State of Delaware’s Division of Corporations website, Bitwise has filed for an XRP exchange-traded fund (ETF).

The Bitwise XRP ETF was officially incorporated on Sept. 30, 2024, with CSC Delaware Trust Company as the registered agent.
While this incorporation is a big step, it does not necessarily mean that Bitwise will immediately submit a registration application to the US Securities and Exchange Commission (SEC).
Before Bitwise’s application, Ripple CEO Brad Garlinghouse suggested that an XRP ETF is inevitable after the success of Bitcoin and Ethereum ETFs in the US.

EigenLayer’s native token, EIGEN, cracked the top 100 tokens by market cap after it started trading on Oct. 1.

EigenLayer’s EIGEN token was unlocked at 5:00 am UTC, and has been trading between $3.50 and $4.50 on Binance.
EIGEN ranks 94th by market cap, which is lower than tokens like Optimism (OP), Uniswap (UNI), and Filecoin (FIL), but higher than Ethena (ENA).
EigenLayer launched EIGEN in a May airdrop, but the tokens were not transferable until October.

The CEO of mining firm Cleanspark shared his Bitcoin price prediction in an interview with Bernstein.

Zack Bradford believes that Bitcoin could peak just under $200K in the next 18 months.
Bradford also expects the upcoming US presidential election to have a big impact on BTC’s price, and believes there could be a “meaningful push” in Bitcoin’s price after the election.
Additionally, he pointed to BTC’s recent extended period of flat trading as a positive indicator for future growth.

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