SNEAK PEEK
U.S. spot Bitcoin ETFs saw $287.78M in outflows amid a 4% drop in Bitcoin prices.
Major ETFs like Fidelity’s FBTC and Grayscale’s GBTC led the significant withdrawals.
Broader market selloff, weak U.S. economic data drove negative sentiment across ETFs.
On Tuesday, U.S. spot Bitcoin exchange-traded funds (ETFs) faced substantial net outflows, marking the largest negative flows since early May.
According to data from SosoValue, these ETFs recorded $287.78 million in outflows, reflecting the ongoing volatility in the cryptocurrency market. The significant outflows come as Bitcoin prices dropped nearly 4% over the past 24 hours, trading at $56,680 at the time of the report.
These were across several spot Bitcoin ETFs in the U. S. market. Additionally, BlackRock’s IBIT, the biggest spot Bitcoin ETF by net asset value, was declared to have recorded no flows on Tuesday. The second-largest spot Bitcoin ETF, Grayscale’s GBTC, saw a decline of $50.39 million outflow which as added negative contribution on the total mood in the market.
Withdrawals from Fidelity’s FBTC have been the most affected registering a $162.26 million leaving the fund. Some of the other large ETFs are ARKB and BITB of Ark and 21Shares respectively and BITQ and others which followed BITB and saw an outflow of $33.6 million and $24.96 million, respectively.
The outflows from spot Bitcoin ETFs coincided with a broader market selloff, driven by weaker economic data in the U.S.
The Institute for Supply Management (ISM) manufacturing index for August came in at 47.2%, a slight increase from July’s figure but still indicative of contraction in the sector. This data added to concerns about the U.S. economy, contributing to the negative sentiment across financial markets, including cryptocurrencies.
In addition to Bitcoin ETFs, U.S. spot ether ETFs also faced significant outflows on Tuesday, marking the largest daily negative flows since August 2. The Grayscale Ethereum Trust (ETHE) reported an outflow of $52.31 million, while Fidelity’s FETH ETF was one of the few to see net inflows, totaling $4.91 million. The total trading volume for ether ETFs dropped to $163.5 million on Tuesday, down from $173.66 million on Friday.
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