After a pause in trading on Monday due to Labor Day in the U.S., Bitcoin ETFs were back in action on Tuesday, continuing the negative momentum that marked the end of August. The day saw significant outflows across the board, with more than a quarter of a billion dollars leaving the market. The 11 Bitcoin ETFs combined recorded a total outflow of $287.78 million, with no inflows to offset the losses, this according to data from SoSoValue. Tuesday’s figures are even more than the total of $277.13 million leaving the ETFs in the full last week.
Leading the outflows was Fidelity’s FBTC, which saw a massive $162.26 million pulled from the fund, its second ever largest outflow. Grayscale’s GBTC was also hit hard, losing $50.39 million, while ARK Invest’s ARKB fund recorded $33.60 million in outflows. Bitwise wasn’t spared either, with $24.96 million leaving the fund, and Invesco’s BTCO fund saw $2.32 million in outflows.
Other funds that experienced outflows include:
- Valkyrie: $2.55 million out
- VanEck: $3.28 million out
- Franklin Templeton’s EZBC: $8.41 million out
There were still some ETFs, including BlackRock, Grayscale’s BTC fund, and WisdomTree, that didn’t record any inflows or outflows for the day, showing no action amid the broader market downturn.
Tuesday’s activity highlights the ongoing struggle for Bitcoin ETFs, with investor sentiment appearing cautious. Bitcoin has dropped 4% in the last 24 hours, after the Bank of Japan hinted at implementing further interest rate cuts.
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