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.
September is often a challenging month for Bitcoin, and the crypto community refers to it as “Rektember” because of its history of losses. Despite this pattern, experts are hopeful about the coming months. While Bitcoin typically dips in September, it often sees a strong rebound in October, which has historically driven prices higher.
Even with recent outflows, the crypto sector continues to dominate the ETF market. In 2024, more than 400 new ETFs have been launched, with crypto ETFs taking the lead. Notable spot Bitcoin ETFs like BlackRock’s iShares Bitcoin Trust, Fidelity’s Wise Origin Bitcoin Fund, ARK 21Shares Bitcoin ETF, and Bitwise’s Bitcoin ETF Trust are among the top launches.
Among the top 25 ETFs by inflows, 13 are related to cryptocurrency, including 10 Bitcoin and 3 Ethereum spot ETFs. The iShares Ethereum Trust ETF was particularly successful, exceeding $1 billion in inflows by August 2024.
Long-Term Outlook
While the crypto market is facing short-term challenges from various factors, the overall momentum in the ETF space points to strong long-term growth potential. As the crypto sector continues to evolve, ETFs are likely to play an increasingly important role!
Read Also: Ethereum Price Today Surges as Wallet Creation Hits New High
Investors seeking more than speculative momentum are increasingly shifting their attention from Dogecoin (DOGE) toward…
Ripple (XRP) stumbles, dropping from a recent high of $2.65. Renewed tariff fears spark market…
Chainlink bulls have long argued that LINK is one of the most essential utility tokens…
On the path to innovation, Apple, Google, X, Airbnb, and Uber are quietly exploring stablecoins,…
Following the news, Pi Coin has dropped around 4% in the last 24 hours, now…
As political and crypto narratives continue to intersect, the Trump family’s crypto ambitions are once…
