On Wednesday, net outflows from U.S. spot Bitcoin ETFs totaled $105 million, marking the second day of outflows in a row.
The world’s largest crypto asset, Bitcoin, recovered from its panic on Wednesday, despite US-based Bitcoin Spot exchange-traded funds (ETFs) selling 1,782 BTC ($105 million). Bitcoin fell below $58,000 yesterday but rebounded 2.8% to $59,659.
U.S. ETFs saw their second consecutive outflow on Wednesday after eight days of inflows. Investors pulled $105 million out of the funds as Bitcoin continued to struggle to stay above $60,000.
Ark Invest Lead Outflow
Ark Invest 21 shares led the outflow from U.S. ETFs for the second day in a row. ARKB sold 1,003 BTC ($59.27 million) on Wednesday after selling 1,717 BTC ($102 million) on Tuesday. The issuer now has total net inflows of $2.37 billion and net assets of $2.69 billion.
Fidelity’s FBTC and VanEck’s HODL had similar outflows, selling 176 BTC ($10.37 million) and 171 BTC ($10.07 million), respectively. Both funds had zero flows on August 27, signaling a cautious play among investors.
Grayscale’s two funds (GBTC and BTC) sold a total of 284 BTC ($16.75 million) yesterday. GBTC saw a net outflow of $7.98 million, while BTC sold $8.77 million worth of assets.
Notably, this was the first outflow from the Grayscale Mini Trust since it began trading on July 31. The fund, which had the lowest annual management fee, has seen cumulative inflows of $348 million since its market debut.
Bitwise’s BITB sold 147 BTC ($8.73 million) on Wednesday, while BlackRock saw zero flows. August 28 marked the second day in a row that BlackRock, the leading asset manager by net assets, saw zero flows.
Despite the outflow, U.S. ETFs remain among the best-performing funds in the global market. In just eight months of trading, Bitcoin products have seen a combined inflow of $17.85 billion, with assets under management (AUM) of $54.32 billion.
