US Bitcoin ETFs See Significant Outflows Amid Market Decline

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Cryptodnes2024/09/02 17:21

By:Cryptodnes

Last week, US spot Bitcoin exchange-traded funds (ETFs) faced substantial outflows totaling $277 million, as the cryptocurrency market struggled with Bitcoin prices remaining below $60,000 and most altcoins continuing their downward trend.

According to Farside Investors, on Monday, Bitcoin funds in the US saw inflows of approximately $202 million, with BlackRock’s iShares Bitcoin Trust (IBIT) contributing the largest share, securing over $224 million in net inflows for the day. However, this positive momentum quickly reversed.

By Tuesday, outflows from Bitcoin ETFs began, continuing through to Friday. In total, about $480 million was withdrawn from these funds over the week. Notably, Friday saw the highest single-day outflow since August 2, with over $175 million pulled from US Bitcoin ETFs.

Despite a strong start, BlackRock’s IBIT experienced its second-ever outflow since its inception but managed to finish the week with a net inflow of around $210 million due to Monday’s positive inflows.

Bitcoin Whales Ramp Up Purchases as Prices Drop

Among Bitcoin spot ETFs, Ark Invest/21Shares’ Bitcoin fund (ARKB) and Grayscale’s Bitcoin ETF (GBTC) faced the largest losses, with ARKB seeing a $220 million outflow and GBTC losing $119 million.

During this period, Bitcoin’s price fell about 9%, from $64,500 on August 26 to $58,000 by August 30. Currently, Bitcoin is trading around $57,700, reflecting a 10% decline over the past week, according to TradingView.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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