Bitcoin ETFs Face Record $287.8M Outflow Amid Market Turmoil
TL;DR
- U.S.-listed bitcoin ETFs saw $287.8 million in outflows, the largest since May, driven by weak manufacturing data and tech stock sell-offs.
- Bitcoin's price fell over 2.7% to $57,500 amid concerns of an economic slowdown, reversing previous gains.
The recent trading day was particularly challenging for U.S.-listed spot bitcoin exchange-traded funds (ETFs), which faced significant outflows. On Tuesday, a total of $287.8 million was withdrawn, marking the largest single-day outflow since May. This downturn was influenced by weak U.S. manufacturing data and a broader sell-off in tech stocks, particularly Nvidia, which dampened investor sentiment across the market.
Fidelity's $FBTC led the outflows with $162.3 million, while Grayscale's $GBTC followed with $50.4 million. Other funds like $BITB and $ARK saw losses of $25 million and $33.6 million, respectively. Despite these withdrawals, BlackRock's $IBIT reported no outflows for the second consecutive trading day.
As a result of these outflows, Bitcoin's price fell by over 2.7%, settling at $57,500 on Tuesday. This decline reversed the previous day's gains and was attributed to the U.S. ISM manufacturing PMI printing below 50, signaling a contraction in economic activity for August. Concerns about economic growth were reignited, particularly with Nvidia's stock plummeting by 9.54%, contributing to the overall market sell-off.
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