Bitcoin ETFs saw a surge in outflows last week, sending BTC prices to their lowest levels since the early August dump.
Bitcoin ETFs Record $706 Million Outflow This Week
According to statistics from Farside Investors and SpotOnChain , 11 US Bitcoin spot ETFs ended the trading day on September 6 with outflows reaching $170 million.
Inflow/outflow statistics of Bitcoin and Ethereum ETFs on September 7, 2024. Source: SpotOnChain
Specifically, most funds recorded outflow or no cash inflow, the strongest being Fidelity's FBTC with outflow of $85.5 million, followed by Grayscale's GBTC with $52.9 million.
Thus, at the end of the first week of September, US Bitcoin ETFs had outflows of up to 706.1 million USD, despite no trading on September 2 due to Labor Day.
US Bitcoin ETF Fund Flow Statistics for the Last 30 Days. Source: SpotOnChain (07/09/2024)
The situation became even more alarming when the chain of consecutive outflow days of BTC ETFs increased to 8, with only 2 days having a value below the hundreds of millions of USD mark. Notably, the largest outflow of that period was on September 3 with a value of -289 million USD , which was also the second largest outflow in the trading history of this financial product group, only behind the record of half a billion USD on May 1.
Bitcoin price last week corrected sharply from $58,000 to $52,500 in the early morning of September 7, meaning it is only one more drop away from the Dip of $49,000 on August 5.
1D chart of BTC/ USDT pair on Binance exchange at 11:05 AM on 09/07/2024
Meanwhile, Ethereum spot ETFs continued to see a poor week of performance with low inflows/outflows, with a total outflow value of $91.1 million.
Flow statistics of US Ethereum ETFs over the past 29 days. Source: SpotOnChain (07/09/2024)
ETH price this morning dropped to $2,150, very close to the 2024 Dip of $2,111 and almost wiped out all the growth achieved this year.
1D chart of ETH/ USDT pair on Binance exchange at 11:05 AM on 09/07/2024
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