Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...
U.S. spot Bitcoin exchange-traded funds (ETFs) have recorded net outflows exceeding $1 billion over a seven-day period from August 27 to September 5.
Fidelity’s Wise Origin Bitcoin Fund (FBTC) led the downturn, with $374 million withdrawn over the week, while Grayscale’s Bitcoin ETF (GBTC) followed closely, seeing $227 million in outflows, according to data from Farside Investors.
BlackRock’s iShares Bitcoin Trust (IBIT), the largest Bitcoin ETF globally, witnessed its second-ever outflow since its launch in January, losing $13.5 million on August 29.
Despite strong inflows in the weeks leading up to this period, IBIT saw no further activity during these seven days.
Other U.S. Bitcoin ETFs also faced losses, with WisdomTree’s Bitcoin Fund (BTCW) being the sole exception, showing no significant inflows or outflows.
The decline in Bitcoin ETF activity has coincided with a dip in Bitcoin’s price, which dropped over 4% last week, currently trading around $56,500.
Analysts attribute the price drop partly to the persistent ETF outflows and increasing concerns over global market instability.
On Thursday, September 5, Bitcoin funds saw a $211 million outflow, the fourth-highest daily loss since May 1.
Amid these market challenges, Bitcoin has struggled to break through the $65,000 resistance level, creating selling pressure, especially for short-term investors.
Meanwhile, the Fear and Greed Index remains in “fear” territory, reflecting growing concerns over a potential recession.
Additionally, Ethereum spot ETFs also saw outflows, with
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