Bitcoin ETFs Witness Consecutive Outflows Amid Market Volatility”
On Wednesday, U.S. Bitcoin Exchange-Traded Funds (ETFs) experienced net outflows totaling $105 million, marking the second consecutive day of withdrawals. Despite this, Bitcoin, the largest cryptocurrency asset, managed to recover from a sharp decline, even as U.S. ETFs offloaded 1,782 Bitcoin, valued at $105 million. After dipping below $58,000, Bitcoin rebounded by 2.8%, trading at $59,659.
This marks the second day of outflows following an eight-day streak of inflows, with investors pulling $105 million from the funds as Bitcoin struggles to stay above the $60,000 threshold. On Wednesday, U.S. ETFs led by Ark Invest witnessed significant capital outflows. Ark Invest sold 1,003 BTC, worth $59.27 million, on Wednesday, following the sale of 1,717 BTC, worth $102 million, the previous day. This brings the cumulative net outflows to $2.37 billion, with net assets now standing at $2.69 billion.
Fidelity’s FBTC and VanEck’s HODL funds saw similar outflows, selling 176 BTC ($10.37 million) and 171 BTC ($10.07 million), respectively. Both funds recorded no inflows on August 27, reflecting caution among investors.
Grayscale’s funds, GBTC and BTC, sold a combined total of 284 BTC ($16.75 million) on the same day. GBTC experienced net outflows of $7.98 million, while BTC offloaded assets worth $8.77 million. Notably, this was the first outflow for Grayscale’s Mini Trust Fund since it began trading on July 31. The fund, which offers the lowest annual management fee, has seen cumulative inflows of $348 million since its market debut.
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Bitwise’s BITB platform sold 147 BTC ($8.73 million) on Wednesday, while BlackRock recorded zero outflows for the second day in a row on August 28. Despite these outflows, U.S. Bitcoin ETFs remain among the best-performing funds in the global market. After just eight months of trading, Bitcoin products have seen cumulative inflows of $17.85 billion, with assets under management totaling $54.32 billion.
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