US spot Bitcoin ETFs saw a significant exodus of funds, with $287.8 million withdrawn via the listed ETFs yesterday, marking the largest single-day outflow since May 1, data from Farside Investors revealsAccording to Arkham data, BlackRock was the only ETF that experienced no drawdowns. This ETF reported no outflows.
EIGHT ETFs have sold $287 MILLION BTC in the past 24 hours.
Except BlackRock.
BlackRock sold 0. photo.twitter.com/rWNw7FraUH
— Arkham (@ArkhamIntel) September 4, 2024
Fidelity’s ETF led the withdrawals, 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 substantial outflows, these ETFs still collectively manage around $50 billion in assets.
Bitcoin saw a notable price rise earlier this year on the hype and interest surrounding these ETFs, starting 2024 around $44,000 and reaching an all-time high of $73,770 on March 14. However, the price has stagnated since then, hovering below the peak in the $55,000 to $65,000 range. It has been 174 days since Bitcoin reached its all-time high, according to to Clark Moody Dashboard.
Despite the recent outflows, spot Bitcoin ETFs have generally maintained strong inflows, with only one month of outflows in the past eight months. This indicates that investors are still interested in Bitcoin, even as the price stabilizes below its all-time highs.
US Bitcoin ETFs Monthly $BTC purchases 👇 August with +975 photo.twitter.com/qkzQ2VIQFP
— HODL15Capital 🇺🇸 (@HODL15Capital) September 2, 2024