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Eleven US-based Bitcoin ETFs saw a total of $1.2 billion pulled out over eight days, the longest streak of outflows since January. Bitcoin’s declining price has contributed to this extended period of investor withdrawals.
Bitcoin ETFs Face Extended Withdrawal Streak
Investors pulled about $1.2 billion out of the eleven spot Bitcoin exchange-traded funds (ETFs) listed on Bloomberg between August 30 and September 6, the longest stretch of withdrawals since the funds' inception on January 10, according to data released on September 9.
Cointelegraph reports that the outflows coincide with Bitcoin's poor performance in the first week of September, when its price fell from $64,668 on August 26 to $53,491 on September 7, a decrease of 17.28%. However, experts warn that September is usually a bad month for Bitcoin's performance.
As the value of digital assets tends to "rekt" in September and "get some relief" in October, the terms "Rektember" and "Uptober" are frequently used in the cryptocurrency industry.
Bitcoin Performance Expected to Improve in Coming Weeks
Bitcoin fell more than 2% in the first two weeks of September, its lowest point in two weeks. Still, experts see room for improvement in the digital asset.
In spite of its temporary declines, financial advisor Suze Orman maintains her belief that Bitcoin should be owned by everyone and that the upcoming generation of investors has the power to shape the future of cryptocurrency.
Suze Orman: Bitcoin Is the Future for Younger Investors
Orman predicted in a CNBC interview that the asset's value will rise due to the fact that Bitcoin will become more popular among younger generations as their disposable income increases.
Despite the outflows, crypto nevertheless outpaced the 400 new exchange-traded funds (ETFs) that debuted in 2024. According to data from The ETF Store, spot Bitcoin ETFs will be the four most popular releases in 2024.
The ARK 21Shares Bitcoin ETF, the Bitcoin ETF Trust from Bitwise, the iShares Bitcoin Trust from BlackRock, and the Wise Origin Bitcoin Fund from Fidelity are all part of this group.
Cryptocurrency ETFs Dominate Top 25 Fund Inflows
Thirteen of the top twenty-five exchange-traded funds (ETFs) by inflows are cryptocurrency-related, ten are Bitcoin-based, and three are Ethereum-related.
