Last week, US spot Bitcoin exchange-traded funds (ETFs) faced substantial outflows totaling $277 million, as the cryptocurrency market struggled with Bitcoin prices remaining below $60,000 and most altcoins continuing their downward trend.
According to Farside Investors, on Monday, Bitcoin funds in the US saw inflows of approximately $202 million, with BlackRock’s iShares Bitcoin Trust (IBIT) contributing the largest share, securing over $224 million in net inflows for the day. However, this positive momentum quickly reversed.
By Tuesday, outflows from Bitcoin ETFs began, continuing through to Friday. In total, about $480 million was withdrawn from these funds over the week. Notably, Friday saw the highest single-day outflow since August 2, with over $175 million pulled from US Bitcoin ETFs.
Despite a strong start, BlackRock’s IBIT experienced its second-ever outflow since its inception but managed to finish the week with a net inflow of around $210 million due to Monday’s positive inflows.
Among Bitcoin spot ETFs, Ark Invest/21Shares’ Bitcoin fund (ARKB) and Grayscale’s Bitcoin ETF (GBTC) faced the largest losses, with ARKB seeing a $220 million outflow and GBTC losing $119 million.
During this period, Bitcoin’s price fell about 9%, from $64,500 on August 26 to $58,000 by August 30. Currently, Bitcoin is trading around $57,700, reflecting a 10% decline over the past week, according to TradingView.
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