- Spot Bitcoin ETFs have bled for eight consecutive days.
- The prolonged outflows seem to have negatively impacted BTC’s price.
- Despite the performance, the top fund by net assets held its throne.
U.S.-listed spot Bitcoin exchange-traded funds (ETFs) extended their negative inflow streak to an eighth consecutive day on Friday as investors pulled tens of millions from the products.
The prolonged outflows coincided with Bitcoin’s price sinking to a one-month low of about $53,555 on September 6 following the August U.S. employment report Friday morning. While BTC pared some losses to exchange hands at $54,323 at the time of writing, the crypto asset’s price was still down 26.37% from its all-time high of $73,780 in March.
Bitcoin ETF Outflows
According to SoSoValue data, the 12 U.S.-based spot Bitcoin ETFs witnessed a daily net outflow of $169.97 million on Friday, bringing the week’s combined outflow to $706.91 million, nearly three times more than last week’s total outflow of $277.12 million.
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Fidelity’s FBTC led the day’s outflows with $85.52 million, followed by Grayscale’s GBTC and Bitwise’s BITB, which hemorrhaged $52.87 million and $14.3 million, respectively. FBTC and GBTC have bled continuously for the last six trading days, with the latter’s cumulative net outflow now at $20 billion.
While the spot Bitcoin ETFs saw their highest trading volume in a week on Friday ($2.39 billion), none of the funds posted an inflow. Ark Invest’s ARKB, Grayscale’s BTC, and Valkyrie’s BRRR logged a combined outflow of $17.27 million, while the rest of the funds reported zero flows.
Despite a spell of outflows from the funds throughout the week, BlackRock’s IBIT still held its throne as the largest spot Bitcoin ETF with 19.5 billion in net assets as of September 6. As of Friday, Hashdex’s DEFI ranked as the smallest fund, with $7.92 million in net assets.
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