Bitcoin

Momentum

The United States market for Spot Bitcoin (BTC) exchange-traded funds (ETFs) has experienced eight consecutive days of decline. This downward trend coincides with Bitcoin’s price falling to a one-month low of around $53,555 on September 6. 
Data from <a href="https://sosovalue.xyz/assets/etf/us-btc-spot">SoSoValue reveals</a> that Fidelity’s FBTC led the outflows among twelve Bitcoin funds, with $85.52 million pulled out. Grayscale’s GBTC, recently converted to an ETF, saw $52.87 million in outflows. Other notable funds, including Bitwise’s BITB, recorded $14.3 million, while 21Shares’ ARKB saw $7.22 million net outflows on the same day. Notably, BlackRock’s IBIT reported zero flows and five other funds. 
Friday’s daily net outflow of spot Bitcoin ETFs amounted to $169.97 million. This has significantly impacted the combined outflow, which surged to $706.91 million, three times the previous week’s total outflow of $277.12 million. Despite the recent outflows, the twelve funds have accumulated a total net inflow of $16.89 billion. 
<h2 id="b-bitcoin-etfs-see-ongoing-outflows-b">Bitcoin ETFs See Ongoing Outflows</h2> 
Meanwhile, Bitcoin is <a href="https://coinmarketcap.com/currencies/bitcoin/">trading </a>around $54,558.73 today, and all eyes are on how these spot BTC ETFs will perform. The continuous outflow from Bitcoin ETFs signals growing uncertainty among investors. Also, the downturn in Bitcoin’s price, coupled with market volatility, is creating a challenging environment for cryptocurrency investors.&nbsp; 
In another twist of the event, the U.S. Bitcoin ETFs experienced notable net outflows totaling $105.19 million. ARKB led the outflows with $59.27 million, followed by FBTC with $10.37 million. VanEck’s fund also experienced an outflow of $10.07 million. 
BITB, Grayscale’s mini Bitcoin trust, and GBTC also saw net outflows of around $8 million each. BlackRock’s IBIT, the largest spot Bitcoin ETF, and five other Bitcoin ETFs reported zero flows on August 28. This massive outflow was after the digital investment funds recorded <a href="https://thecoinrise.com/bitcoin-etfs-see-202m-net-inflows-as-ether-funds-face-outflows/">a robust inflow of $202.51 million on August 27</a>. 
<h2 id="b-ethereum-etfs-show-positive-inflows-b">Ethereum ETFs Show Positive Inflows</h2> 
In contrast to Bitcoin, <a href="https://thecoinrise.com/ethereum-etfs-break-nine-day-outflow-trend-with-5-8m-inflow/">Spot Ethereum ETFs reported a positive inflow</a> some days ago, with a total daily net increase of $5.8 million. This positive turn marked the conclusion of nine days of continuous net outflows. 
Data revealed that <a href="https://thecoinrise.com/blackrock-etf-sees-record-bitcoin-and-ethereum-inflows/">BlackRock’s ETHA led the pack with the highest inflow</a> on August 28. The leading crypto asset issuer saw a net inflow of $8.4 million in its digital investment product. Fidelity’s FETH followed BlackRock with an inflow of $1.26 million. On the other hand, certain ETF issuers like Grayscale Ethereum Trust (ETHE) experienced a net outflow of $3.81 million.&nbsp; 
Generally, the nine-spot Ethereum ETFs saw a trading volume of $151.57 million, notably lower than the $900 million in late July. 
The post <a href="https://thecoinrise.com/bitcoin-faces-turbulence-as-etf-outflows-continue-soars/">Bitcoin Faces Turbulence as ETF Outflows Continue To Pick Momentum</a> appeared first on <a href="https://thecoinrise.com/">TheCoinrise.com</a>.

Bitcoin Faces Turbulence as ETF Outflows Continue To Pick Momentum

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