Cryptocurrency ETFs experience large investor withdrawals in October

Investors pulled large amounts of money out of U.S. cryptocurrency funds in October 2024. Ethereum funds lost more than Bitcoin funds, even though Bitcoin funds are much bigger. Between October 12 and 16, Ethereum funds lost $320 million, while Bitcoin funds lost $228 million. BlackRock's Ethereum fund was responsible for most of the Ethereum withdrawals, losing around $299 million. Across several reporting periods in October, the total losses for both types of fund reached about $1.22 billion. Bitcoin funds have received roughly $57 billion from investors since they launched in January 2024. Ethereum funds hold around $15 billion in total, so their losses are proportionally larger. On October 14, VanEck cancelled its application for a new Ethereum-based fund.