Investors pulled about $1.2B out of the spot Bitcoin ETFs from August 30 to September 6.
The withdrawals coincide with Bitcoin’s dismal first week of September.
Over the last eight days, a total of $1.2 billion has been removed from eleven different spot bitcoin exchange-traded funds (ETFs) in the US.
According to Bloomberg statistics released on September 9, investors pulled about $1.2 billion out of the eleven spot Bitcoin (BTC) exchange-traded funds (ETFs) from August 30 to September 6, marking their largest period of withdrawals since their introduction on January 10.
Investors Pessimistic
The withdrawals coincide with Bitcoin’s dismal first week of September. When its price fell from $64,668 on August 26 to $53,491 on September 7, a loss of 17.28%. But experts warn that September is usually a bad month for Bitcoin’s performance. At the time of writing, Bitcoin is trading at $55,400 as per data from CMC.
Since the value of digital assets tends to “rekt” in September and “get some relief” in October. The terms “Rektember” and “Uptober” have become commonplace in the cryptocurrency industry. After losing almost 2% at the start of the month, Bitcoin fell to a two-week low in early September. The digital asset may still have some upside, however, according to experts.
In spite of its temporary declines, financial advisor Suze Orman maintains belief that Bitcoin should be owned by everyone and that the next generation of investors has the power to shape the future of cryptocurrency.
Orman said in an interview with CNBC that the asset’s price would rise because more and more young people will buy bitcoin as their disposable income increases. There were 400 new exchange-traded funds (ETFs) introduced in 2024, yet crypto still outpaced them all.
Highlighted Crypto News Today:
Is Chainlink Price on Track for Steady Gains?
