US spot Bitcoin exchange-traded funds (ETFs) have seen net outflows for seven consecutive trading days, losing more than $1 billion in total from August 27 to September 5, according to data. data from Farside Investors.
Notably, it was Fidelity’s Wise Origin Bitcoin Fund (FBTC) that led the outflows, not Grayscale’s Bitcoin ETF (GBTC). FBTC saw about $374 million in outflows over the seven-day period, while GBTC saw $227 million in outflows.
World’s Largest Bitcoin ETF, BlackRock’s iShares Bitcoin Trust (IBIT), Launches the second outflow in history Since its launch in January, investors have withdrawn $13.5 million on August 29. On other days during this period, IBIT reported zero flows.
This was a slight downturn in the fund’s performance compared to previous levels, as it had been showing steady inflows in the weeks leading up to the stagnation.
Other U.S.-listed Bitcoin ETFs, with the exception of WisdomTree’s Bitcoin Fund (BTCW), also reported losses, although there were no significant capital inflows during the period.
Bitcoin Reversal in Question Amid ETF Outflows, Market Fears
The recent decline in the price of Bitcoin (BTC) has been exacerbated by continued outflows from ETFs and growing uncertainty in the global market. Thursday saw a large net outflow of $211 million from U.S. Bitcoin funds, the fourth-largest daily outflow since May 1.
Bitcoin price failed to break the $65,000 resistance level, leading to continued selling pressure. While long-term Bitcoin investors remain profitable, short-term holders are facing challenges in the current market conditions.
The Fear and Greed Index remains firmly in fear territory, reflecting broader market concerns about a potential recession.
Bitcoin’s price has fallen more than 4% over the past week and is currently trading at around $56,500, according to TradingView. data.
