The U.S. spot Bitcoin ETFs experienced a notable withdrawal of funds, totaling $287.8 million from the listed ETFs yesterday, marking the highest single-day outflow since May 1, as per data from Farside Investors shows. Arkham data indicates that BlackRock’s ETF was the only one that did not record any withdrawals, reporting zero outflows.
EIGHT ETFs sold $287 MILLION BTC in the past 24 hours.
Except BlackRock.
BlackRock sold 0. pic.twitter.com/rWNw7FraUH
— Arkham (@ArkhamIntel) September 4, 2024
Leading the withdrawals was Fidelity’s ETF, which liquidated $162 million of Bitcoin. Grayscale followed with $50 million in outflows, while Ark and Bitwise reported outflows of $34 million and $25 million, respectively. Despite these significant withdrawals, these ETFs continue to collectively manage around $50 billion in assets.
This year, Bitcoin had experienced a remarkable surge in price, driven by the excitement and interest surrounding these ETFs, starting 2024 at approximately $44,000 and reaching a record high of $73,770 on March 14. However, the price has since leveled off, fluctuating below its peak within the $55,000 to $65,000 range. As of now, it has been 174 days since Bitcoin reached its all-time high, according to the Clark Moody Dashboard.
Even with the recent withdrawals, spot Bitcoin ETFs have overall maintained robust inflows, with only one month of outflows in the last eight months. This suggests a sustained interest from investors in Bitcoin, despite its price stabilizing below its all-time high.
U.S. Bitcoin ETFs monthly $BTC purchases 👇 August w/ +975 pic.twitter.com/qkzQ2VIQFP
— HODL15Capital 🇺🇸 (@HODL15Capital) September 2, 2024
