Last week witnessed a notable $277 million outflow from US spot Bitcoin exchange-traded funds (ETFs), reflecting broader market challenges. Bitcoin, struggling to stay above the $60,000 threshold, and a general downturn in altcoins, have contributed to this trend.
Data from Farside Investors reveals that on Monday, Bitcoin funds attracted around $202 million in new investments, with BlackRock’s iShares Bitcoin Trust (IBIT) leading with over $224 million in net capital. However, this positive momentum was short-lived. By Tuesday, spot Bitcoin ETF flows turned negative and continued to decline, culminating in a significant $480 million outflow over the week. Friday alone saw the largest withdrawal since August 2, with over $175 million leaving US Bitcoin ETFs.
BlackRock’s IBIT, known for its consistent inflows, faced its second-ever outflow since inception, though Monday’s strong inflows helped it end the week with a net gain of approximately $210 million. Conversely, Ark Invest/21Shares’ Bitcoin fund (ARKB) and Grayscale’s Bitcoin ETF (GBTC) saw substantial outflows, with ARKB losing $220 million and GBTC $119 million.
Bitcoin itself experienced a 9% drop, falling from $64,500 on August 26 to $58,000 on August 30, and is currently trading at around $57,700. This decline has impacted the broader crypto market, with major cryptocurrencies like Ethereum, Solana, Ripple, and Dogecoin all showing losses. Dogecoin led the declines with a 5.6% drop.
The global crypto market cap has decreased by 2.4% to $2.1 trillion, as most altcoins mirrored Bitcoin’s downward trajectory. Only a few coins, including Helium (HNT), Monero (XMR), Starknet (STRK), and Fetch.AI (FET), have posted gains in the past 24 hours. Memecoins, including DOGS, BEAM, BRETT, and Dogwifhat (WIF), have experienced the most significant losses, underscoring the tough week for the crypto market.
September 2024, Cryptoniteuae