Bitcoin ETFs saw a total outflow of $1.2 billion in 8 days
Eleven U.S.-based Bitcoin ETFs witnessed net outflows of up to $1.2 billion over an eight-day period, marking the longest withdrawal streak since their launch on January 10.
From August 30 to September 6, Bitcoin ETFs recorded significant outflows, as the price of Bitcoin dropped from a high of $64,668 on August 26 to a low of $53,491 on September 7, a 17.28% decrease in just two weeks. This occurred as September is typically a challenging month for Bitcoin, according to analysts.
From August 30 to September 6, Bitcoin ETFs recorded significant outflows, as the price of Bitcoin dropped from a high of $64,668 on August 26 to a low of $53,491 on September 7, a 17.28% decrease in just two weeks. This occurred as September is typically a challenging month for Bitcoin, according to analysts.
U.S.-based Bitcoin ETFs recorded the longest outflow streak since their launch in January. Source: Bloomberg
Bitcoin's price dropped sharply, reflecting a common trend known as "Rektember," where digital asset prices tend to decline in September. Despite Bitcoin hitting a two-week low and dropping over 2% in early September, analysts remain optimistic about the asset's long-term growth potential.
Despite the short-term drop, financial advisor Suze Orman affirmed that people should consider owning Bitcoin, predicting that as the next generation of investors accumulates more wealth, Bitcoin will become one of the preferred investment options, thus boosting its value.
Cryptocurrencies dominate ETF launches in 2024
Despite the significant outflows, cryptocurrencies still dominate the ETF market, with 400 new ETFs launched in 2024. According to data from The ETF Store, the four largest ETF launches this year have all been spot Bitcoin ETFs, including BlackRock's iShares Bitcoin Trust, Fidelity's Wise Origin Bitcoin Fund, ARK 21Shares Bitcoin ETF, and Bitwise's Bitcoin ETF Trust.
Bitcoin's price dropped sharply, reflecting a common trend known as "Rektember," where digital asset prices tend to decline in September. Despite Bitcoin hitting a two-week low and dropping over 2% in early September, analysts remain optimistic about the asset's long-term growth potential.
Despite the short-term drop, financial advisor Suze Orman affirmed that people should consider owning Bitcoin, predicting that as the next generation of investors accumulates more wealth, Bitcoin will become one of the preferred investment options, thus boosting its value.
Cryptocurrencies dominate ETF launches in 2024
Despite the significant outflows, cryptocurrencies still dominate the ETF market, with 400 new ETFs launched in 2024. According to data from The ETF Store, the four largest ETF launches this year have all been spot Bitcoin ETFs, including BlackRock's iShares Bitcoin Trust, Fidelity's Wise Origin Bitcoin Fund, ARK 21Shares Bitcoin ETF, and Bitwise's Bitcoin ETF Trust.
Top ETFs launched in 2024. Source: The ETF Store
Of the top 25 ETFs launched by inflows, 13 are related to cryptocurrencies, with 10 being Bitcoin-based and three linked to Ethereum. Notably, the iShares Ethereum Trust ETF became the seventh-largest ETF launch in 2024, surpassing $1 billion in August. $Bitcoin (BTC.CC)$
Of the top 25 ETFs launched by inflows, 13 are related to cryptocurrencies, with 10 being Bitcoin-based and three linked to Ethereum. Notably, the iShares Ethereum Trust ETF became the seventh-largest ETF launch in 2024, surpassing $1 billion in August. $Bitcoin (BTC.CC)$
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