What came as a shocker for the traders was the giant Asset Manager, BlackRock IBIT’s outflows! The dominant Bitcoin ETF, which hardly saw any outflows, recorded a $13.5 million outflow, marking its second only outflow since launch. Farside data disclosed that this was also the worst joint outflow day on record for the Bitcoin ETFs, at $563.7 million. Let’s dive deeper to know more about the BTC ETFs and its impact on prices.
Before Thursday’s $13.5 million outflow, the last time the fund saw withdrawals was May 1st when $37 million was pulled out of the market, which coincided with Bitcoin hitting a local low of $56,000.
Bitcoin ETF Outflow Streak Continues
The Bitcoin ETFs have experienced a third consecutive day of outflows, with a total of $71.8 million withdrawn on August 29. The biggest losers were Grayscale’s GBTC and Fidelity’s FBTC which saw an outflow of $22.7 million and $31.1 million outflows. Meanwhile, Bitwise’s BITB outflows stood at $8.1 million. Ark Invest’s ARKB ETF defied the outflows by registering $5.3 million in inflows, while also bringing an end to a trend of around $160 million in outflows over the past two days.
Nevertheless, IBIT’s total inflows stand at a remarkable $20.9 billion over its lifetime. The ETF has seen consistent inflows almost daily, cementing itself as a dominant Bitcoin investment product.
Ether ETF’s Gloomy Performance
On the contrary, the Ether ETFs continue to show very little activity, paired with an outflow of $1.7 million. Grayscale’s ETHE ETF witnessed an outflow of $5.3 million, while the Grayscale Ethereum Mini Trust (ETH) was the only ETF to register a net inflow of $3.6 million reflecting gloomy interest in Ethereum ETFs.
BTC Price Struggles To Cross $60K
The latest Bitcoin ETF outflows come amid a broader downturn in Bitcoin’s price, which has shed roughly 3.43% in the last seven days. Bitcoin is struggling with its price as it briefly attempted to stabilize above the $61,000 mark, but plunged back below $59,000 during Thursday’s US trading session.
Traders Expect Prices To Remain ‘Choppy’
Traders at QCP Capital expect price action to remain choppy even as market volatility may continue. They expect market volatility to continue its downtrend as the market positions itself for potential rate cuts by the Fed. The declining BTC price, its incapacity to hold onto gains, and the upcoming elections, among other uncertainties, might be the factors leading to the outflows.
What do you think? Can The Bitcoin ETFs regain its popularity? Stay tuned to Coinpedia for newer updates.
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