U.S. Spot Bitcoin ETFs See Record $287 Million in Outflows, Except BlackRock

U.S. spot Bitcoin ETFs witnessed a major exodus of funds, with $287.8 million withdrawn throughout the listed ETFs yesterday, marking the biggest single-day outflow since Might 1, Farside Traders information reveals. In accordance with Arkham information, the one ETF that didn’t expertise withdrawals was BlackRock, which reported zero outflows.

EIGHT ETFs bought $287 MILLION BTC up to now 24 hours.

Besides BlackRock.

BlackRock bought 0. pic.twitter.com/rWNw7FraUH

— Arkham (@ArkhamIntel) September 4, 2024

Constancy’s ETF led the withdrawals, promoting $162 million value of Bitcoin. Grayscale adopted with $50 million in outflows, whereas Ark and Bitwise reported $34 million and $25 million, respectively. Regardless of these substantial outflows, these ETFs nonetheless collectively handle round $50 billion in belongings.

Bitcoin noticed a outstanding rise in value earlier this yr as a result of hype and curiosity surrounding these ETFs, beginning 2024 at round $44,000 and reaching an all-time excessive of $73,770 on March 14. Nevertheless, the worth has since stagnated, hovering beneath its peak within the $55,000 to $65,000 vary. It has been 174 days since Bitcoin hit its all-time excessive, according to Clark Moody Dashboard.

Regardless of the latest outflows, spot Bitcoin ETFs have usually maintained sturdy inflows, with just one month of outflows up to now eight months. This means ongoing investor curiosity in Bitcoin, whilst its value stabilizes beneath its all-time excessive.