On Wednesday, US Bitcoin spot exchange-traded funds (ETFs) recorded a significant outflow of $105 million, marking the second consecutive day of withdrawals.
This came as Bitcoin, the largest cryptocurrency by market cap, faced a volatile trading day. After briefly dropping below $58,000, Bitcoin managed a 2.8% rebound, closing at $59,659.
The outflow follows an eight-day streak of inflows, signaling growing investor caution as Bitcoin struggles to sustain a price above $60,000.
Ark Invest Leads the Withdrawals
Ark Invest’s 21 Shares ETF was the primary driver of these outflows, selling 1,003 BTC worth $59.27 million on Wednesday. This followed a larger sale of 1,717 BTC, totaling $102 million, the previous day. Despite these sales, Ark Invest still holds a cumulative net inflow of $2.37 billion and assets worth $2.69 billion.
Other prominent ETFs like Fidelity’s FBTC and VanEck’s HODL also saw similar outflows. They sold 176 BTC ($10.37 million) and 171 BTC ($10.07 million), respectively, after reporting zero flow on August 27. This cautious approach reflects the uncertainty currently surrounding Bitcoin’s price movements.
Grayscale Funds Experience First Outflows
Grayscale’s funds, including the Grayscale Bitcoin Trust (GBTC), also experienced notable outflows. Together, they sold 284 BTC worth $16.75 million. GBTC saw a net outflow of $7.98 million, while its newly launched Mini Trust, which had enjoyed consistent inflows since July 31, recorded its first-ever outflow.
Market Performance Despite Outflows
Bitwise’s BITB ETF sold 147 BTC valued at $8.73 million, while BlackRock, the leading asset manager by net assets, recorded zero flows for the second consecutive day.
Despite these outflows, US Bitcoin ETFs remain among the top-performing funds globally. Since their introduction, these Bitcoin products have amassed a cumulative inflow of $17.85 billion and boast an asset under management (AUM) of $54.32 billion, highlighting their continued appeal even amid market fluctuations.
