US Bitcoin ETFs shed $277 million over past week amid market downturn
Key Takeaways
- US Bitcoin ETFs saw a total of $277 million in outflows last week.
- BlackRock's iShares Bitcoin Trust reported rare net outflows by week's end.
Share this article
Outflows from US spot Bitcoin exchange-traded funds (ETFs) hit $277 million last week as the crypto market faced downturns, with Bitcoin lingering below the $60,000 mark and most altcoins continuing to decline.
According to data from Farside Investors, the group of US Bitcoin funds collectively drew in around $202 million in new investments on Monday, with BlackRock’s iShares Bitcoin Trust (IBIT) accounting for the majority of daily inflows. On that day alone, IBIT logged over $224 million in net capital.
After a strong start to the week, spot Bitcoin ETF flows turned negative on Tuesday and extended their losing streak until Friday.
Source: Farside Investors
Data shows that investors pulled approximately $480 million from the funds during this period. On Friday alone, US Bitcoin ETFs saw over $175 million withdrawn, the largest outflow since August 2.
Amidst a week of the market downturn, BlackRock’s IBIT, a fund known for its consistent inflows, experienced its second-ever outflow since its launch . However, strong inflows on Monday allowed it to end the week with a net inflow of around $210 million.
Last week, Ark Invest/21Shares’ Bitcoin fund (ARKB) and Grayscale’s Bitcoin ETF (GBTC) experienced the largest net outflows among Bitcoin spot ETFs, with ARKB losing $220 million and GBTC losing $119 million.
Over the same period, Bitcoin (BTC) fell around 9%, from $64,500 on August 26 to $58,000 on August 30. The flagship crypto is currently trading at around $57,700, down 10% over the past week, per TradingView data .
Source: TradingView
Bitcoin’s retreat has dragged down the broader crypto market. Ethereum, Solana, Ripple, and Dogecoin all experienced losses, with Dogecoin falling the most at 5.6%.
The global crypto market capitalization has shrunk by 2.4% to $2.1 trillion, according to CoinGecko . Most altcoins have followed Bitcoin’s downward trend, with only four—Helium (HNT), Monero (XMR), Starknet (STRK), and Fetch.AI (FET)—showing gains in the past 24 hours.
Memecoins have led the altcoin decline, with DOGS, BEAM, BRETT, and Dogwifhat (WIF) experiencing the most significant losses.
Share this article
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
On the night of the Federal Reserve rate cut, the real game is Trump’s “monetary power grab”
The article discusses the upcoming Federal Reserve interest rate cut decision and its impact on the market, with a focus on the Fed’s potential relaunch of liquidity injection programs. It also analyzes the Trump administration’s restructuring of the Federal Reserve’s powers and how these changes affect the crypto market, ETF capital flows, and institutional investor behavior. Summary generated by Mars AI. This summary was produced by the Mars AI model, and the accuracy and completeness of the generated content are still being iteratively updated.
When the Federal Reserve is politically hijacked, is the next bitcoin bull market coming?
The Federal Reserve announced a 25 basis point rate cut and the purchase of $40 billion in Treasury securities, resulting in an unusual market reaction as long-term Treasury yields rose. Investors are concerned about the loss of the Federal Reserve's independence, believing the rate cut is a result of political intervention. This situation has triggered doubts about the credit foundation of the US dollar, and crypto assets such as bitcoin and ethereum are being viewed as tools to hedge against sovereign credit risk. Summary generated by Mars AI. The accuracy and completeness of this summary are still in the process of iterative updates.
x402 V2 Released: As AI Agents Begin to Have "Credit Cards", Which Projects Will Be Revalued?
Still waters run deep, subtly reviving the narrative thread of 402.
When Belief Becomes a Cage: The Sunk Cost Trap in the Crypto Era
You’d better honestly ask yourself: which side are you on? Do you like cryptocurrency?
Trending news
MoreCrypto prices
More
