Bitcoin ETFs Experience $706M in Outflows, but BlackRock and WisdomTree Buck the Trend

Outflows from U.S. spot Bitcoin ETFs surpassed $706 million this week as bearish sentiment drove Bitcoin to $53,304, its lowest level since August 5. Data from SoSoValue shows that 12 spot Bitcoin ETFs saw net outflows of $169.97 million on September 6, with Grayscale and Fidelity leading the exodus.

Fidelity’s FBTC shed $85.5 million, marking seven consecutive trading days of negative flows. Grayscale’s GBTC also saw significant outflows, losing $52.9 million, bringing total losses to over $20 billion since the fund’s inception. Over the past eight days, GBTC has experienced $279.9 million in outflows, continuing a streak that began on August 27. Other funds also saw outflows, including Bitwise’s BITB with $14.3 million, ARK 21Shares’ ARKB with $7.2 million, Grayscale’s Bitcoin mini trust with $5.5 million, and Valkyrie’s BRRR with $4.6 million.

However, BlackRock’s IBIT and WisdomTree’s BTCW were the only Bitcoin ETFs that avoided outflows over the past week, although they recorded no new inflows in the last two days.

This investor hesitancy coincides with Bitcoin's recent price drop. The cryptocurrency briefly touched $52,690 before recovering to $54,333 at the time of writing, still down 3% over the past day. Bitcoin is down 10.4% from its weekly high and 17.5% from its 30-day peak of $64,648 on August 26. The turbulence increased over the past 24 hours, with $113.86 million in Bitcoin positions liquidated, according to Coinglass.

The drop in Bitcoin's price comes amid rising concerns in the crypto market, driven by the seasonal "Redtember" slump and uncertainty over potential U.S. interest rate cuts. These factors have weighed on investor confidence and contributed to market volatility.

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