đ„đ„đ„ US #BitcoinETFs bleed $288 million post-Labor Day
Fidelityâs #FBTC Fund Faces Major Withdrawal Amid ETF Decline
Key Takeaways:
- Fidelityâs FBTC experienced its second-largest withdrawal since inception, totaling around $162 million.
- Grayscaleâs GBTC is nearing $20 billion in cumulative outflows amid ongoing market challenges.
- US spot BitcoinETFs saw a major downturn in early September, with $287 million in net outflows on the first trading day post-Labor Day, according to Farside Investors. The funds have now faced five consecutive days of net outflows, losing over $750 million since last Tuesday.
The post-Labor Day ETF market faced intense selling pressure, with 8 out of 11 Bitcoin funds reporting negative performance.
Grayscaleâs GBTC saw over $50 million in net outflows on Tuesday, but Fidelityâs FBTC grabbed attention with its significant $162 million outflowâits second-largest since launch.
Other Bitcoin ETFs managed by ARK Invest/21Shares, Bitwise, Franklin Templeton, VanEck, Valkyrie, and Invesco also reported net outflows, while #BlackRockâs IBIT, WisdomTreeâs BTCW, and Grayscaleâs BTC had no reported flows.
Grayscaleâs GBTC is approaching $20 billion in total outflows. Despite signs of a slowdown after months of heavy selling, the fund continues to see significant capital exits. Recent drops in Bitcoinâs value have reduced Grayscaleâs assets under management to around $13 billion.
The outflows were partly driven by the liquidation of shares held by bankrupt crypto companies from 2022 and 2023, which sold their Grayscale Trust shares to repay creditors. Grayscale has now lost its leading position in the Bitcoin ETF market to BlackRock, whose IBIT ETF has attracted nearly $21 billion, making it the largest Bitcoin ETF globally.
Source - cryptobriefing.com
