After a tough week for Bitcoin, Bitcoin ETFs in the United States experienced substantial outflows, leaving a mark on the overall market. The 11 combined funds recorded significant outflows in the four trading days following Labor Day, ending the week with a staggering $695.54 million in losses. Bitcoin’s price also took a hit, dropping to $54,162 at the time of writing.
Friday capped off the week with additional losses of $169.97 million. Fidelity’s FBTC fund led the outflows, with a massive $85.52 million exiting the fund, followed by Grayscale’s GBTC, which saw $52.87 million in outflows, according to data from SoSoValue. None of the funds recorded any inflows for the day, highlighting the rough patch for Bitcoin ETFs.
Other notable outflows for Friday included:
- Bitwise: $14.30 million
- Grayscale’s BTC: $5.50 million
- ARK Invest’s ARKB: $7.22 million
- Valkyrie: $4.55 million
Funds with no action recorded for the day:
- VanEck
- Invesco BTCO
- BlackRock’s IBIT
- Franklin Templeton’s EZBC
- WisdomTree
The only silver lining in this challenging week was BlackRock’s IBIT fund, which, unlike many others, did not register any outflows on Friday. However, the broader trend remains negative, with Bitcoin ETFs struggling amid the recent market downturn.