Bitcoin ETFs Extend Outflow Streak with $169.7M as BTC Trades Below $55K

Spot Bitcoin ETFs extend their negative streak to an eighth consecutive day.

Robot shocked to see the ETF's outflows melt into the ground.
Created by Kornelija Poderskytฤ— from DailyCoin
  • Spot Bitcoin ETFs have bled for eight consecutive days.
  • The prolonged outflows seem to have negatively impacted BTCโ€™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 Bitcoinโ€™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 assetโ€™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 weekโ€™s combined outflow to $706.91 million, nearly three times more than last weekโ€™s total outflow of $277.12 million.

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Fidelityโ€™s FBTC led the dayโ€™s outflows with $85.52 million, followed by Grayscaleโ€™s GBTC and Bitwiseโ€™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 latterโ€™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 Investโ€™s ARKB, Grayscaleโ€™s BTC, and Valkyrieโ€™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, BlackRockโ€™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, Hashdexโ€™s DEFI ranked as the smallest fund, with $7.92 million in net assets.

Read about Bybitโ€™s win in Kazakhstan:
Bybit Follows in Binanceโ€™s Steps to Bag Kazakhstanโ€™s Regulatory Approval

Stay updated on the Ethereum Foundationโ€™s Ether sell-off:
Ethereum Foundation Sell-Offs Ramp Up as ETH ETF Struggles

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Brian Danga

Brian Danga is a crypto reporter at DailyCoin covering breaking news. Brian has minor holdings in Bitcoin and Ethereum.

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