US spot bitcoin ETFs witnessed a significant exodus of funds, with $287.8 million withdrawn from all listed ETFs yesterday, marking the largest single-day outflow since May 1, according to data from Farside Investors bitcoin-etf-flow-all-data/”>revealsAccording to Arkham data, the only ETF that did not experience any withdrawals was BlackRock, which reported zero outflows.
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EIGHT ETFs sold $287 MILLION OF btc in the last 24 hours.
Except BlackRock.
BlackRock sold 0. image.twitter.com/rWNw7FraUH
– Arkham (@ArkhamIntel) twitter.com/ArkhamIntel/status/1831370364334625025?ref_src=twsrc%5Etfw”>September 4, 2024
Fidelity’s ETF led the drawdowns, selling $162 million worth of bitcoin. Grayscale followed with $50 million in outflows, while Ark and Bitwise reported $34 million and $25 million, respectively. Despite these significant outflows, these ETFs still collectively manage around $50 billion in assets.
bitcoin's price rose sharply earlier this year due to the hype and interest around these ETFs, starting 2024 around $44,000 and reaching an all-time high of $73,770 on March 14. However, the price has since stagnated, hovering below its peak in the $55,000 to $65,000 range. It has been 174 days since bitcoin hit its all-time high, according to Clark Moody's dashboard.
Despite recent outflows, bitcoin spot ETFs have generally maintained strong inflows, with only one month of outflows in the past eight months. This indicates that investors remain interested in bitcoin, even as its price stabilizes below its all-time high.
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US bitcoin ETFs Monthly twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw”>$btc Shopping August with +975 image.twitter.com/qkzQ2VIQFP
— HODL15Capital (@HODL15Capital) twitter.com/HODL15Capital/status/1830682280693755924?ref_src=twsrc%5Etfw”>September 2, 2024
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