US exchange-traded funds saw a massive outflow of funds, with $287.8 million withdrawn from listed ETFs yesterday, marking the largest single-day outflow since May 1, according to data from Farside Investors. RevealsAccording to Arcam data, the only ETF that did not see withdrawals was BlackRock, which reported no outflows.
Eight ETFs Sell $287 Million in Bitcoin in the Past 24 Hours.
Except for BlackRock.
BlackRock sold 0. pic.twitter.com/rWNw7FraUH
– Arkham (@ArkhamIntel) September 4, 2024
Fidelity’s Bitcoin ETF led the withdrawals, selling $162 million worth of bitcoin. Grayscale followed with $50 million in outflows, while Ark and Bitwise reported $34 million and $25 million, respectively. Despite these large outflows, these ETFs still manage around $50 billion in assets collectively.
Bitcoin saw a significant price surge earlier this year due to the hype and interest surrounding these ETFs, starting 2024 at around $44,000 and hitting an all-time high of $73,770 on March 14. However, the price has remained stagnant since then, hovering below its peak in the $55,000 to $65,000 range. It has been 174 days since Bitcoin hit its all-time high, According to To Clark Moody’s dashboard.
Despite recent outflows, Bitcoin ETFs have maintained strong inflows overall, with only one outflow in the past eight months. This suggests continued investor interest in Bitcoin, even as its price has stabilized below all-time highs.
US Bitcoin ETFs Monthly Bitcoin Purchases 👇 August with +975 pic.twitter.com/qkzQ2VIQFP
— HODL15Capital 🇺🇸 (@HODL15Capital) September 2, 2024
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