The post Bitcoin Spot ETFs Witnessed $1.2 B Massive Outflow! appeared first on Coinpedia Fintech News
The U.S spot Bitcoin ETFs witnessed a heavy outflow of around $1.2 Billion in the last 8 days. From August 30 to September 6, investors pulled out ~$1.2 billion from the 12 spot BTC ETFs. This marks the longest streak of outflows since the ETFs were introduced in January 2024. These withdrawals coincided with Bitcoin’s Price decline. The BTC price dropped from $64,600 on August 26 to $53,490 on September 7. BTC price witnessed a sharp 17.28% decline within two weeks.
We all know, September is a red month for Bitcoin. It is notoriously referred to as “Rektember” by the crypto community. Despite this pattern, experts remain positive about the next month. Historically, BTChas been down in September however, October brings in a new energy to take BTC price to skyrocket.
Regardless of this heavy outflow, the crypto sector has dominated the ETF market. There are 400 new ETFs launched in 2024 and crypto ETFs have taken the lead. Spot Bitcoin ETFs like BlockRock’s iShares Bitcoin Trust, Fidelity’s Wise Origin Bitcoin Fund, ARK 21Shares Bitcoin ETF and Bitcise’s Bitcoin ETF Trust are among the top launches. Out of the top 25 ETFs by inflows, 13 are related to cryptocurrency with 10 BTC and 3 ETH spot ETFs. It is interesting to know that the iShares Ethereum Trust ETF was one of the biggest launches that surpassed $1 Billion inflow by AUgust 2024.
The crypto market may be facing short term challenges due to market and non market elements, however the overall momentum in the ETF space suggests long term growth potential.