Cointelegraph Team
Cointelegraph
The 11 United States-based spot Bitcoin exchange-traded funds (ETFs) have had combined net outflows of $1.2 billion in eight days.
On Sept. 9, Bloomberg data showed investors withdrew around $1.2 billion from the 11 listed spot Bitcoin (BTC $55,360) ETFs between Aug. 30 and Sept. 6 — their longest run of outflows since launching on Jan. 10.
US-based Bitcoin ETFs have had their longest outflow streak since launching in January. Source: Bloomberg
The outflows come as the Bitcoin price struggled in the first week of September, going from a high of $64,668 on Aug. 26 to a low of $53,491 on Sept. 7 — a 17.28% drop in just two weeks. However, analysts say that BTC has historically shown poor performance in September.
BTC price losses mimic a standard “Rektember”
The words “Rektember” and “Uptober” are commonly used in crypto, as digital asset prices often “rekt” in September and “get some relief” in October.
At the beginning of September, Bitcoin hit a two-week low, shedding more than 2% at the beginning of the month. However, analysts still believe in a potential upside for the digital asset.
Despite its short-term dips, financial adviser Suze Orman believes everyone should own Bitcoin and that the next generation of investors could influence the future of crypto.
In a CNBC interview, Orman said that as younger people make more money, BTC will be one of their investments of choice, and that will cause the asset’s price to go up.
Crypto dominates 2024 ETF launches
Despite the outflows, crypto dominated the ETF space compared to the 400 new ETFs launched in 2024. Data from The ETF Store show that the four biggest launches in 2024 are all spot Bitcoin ETFs. This includes BlackRock’s iShares Bitcoin Trust, Fidelity’s Wise Origin Bitcoin Fund, the ARK 21Shares Bitcoin ETF and Bitwise’s Bitcoin ETF Trust.
Top ETF launches in 2024. Source: The ETF Store
Of the top 25 ETF launches by inflows, 13 are related to crypto, 10 are Bitcoin-based ETFs, and three are Ethereum-related funds. Among the Ether (ETH $2,330) ETFs, the iShares Ethereum Trust ETF was the seventh-largest ETF launch in 2024, passing the $1 billion mark in August.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Recommended Content
Editors’ Picks
Ethereum dips below $2,300 following August NFP data, JP Morgan weighs in on ETH ETF performance
Ethereum is down nearly 6% on Friday after the US released its worrisome August Nonfarm Payrolls data. Meanwhile, JP Morgan analysts released a report stating that ETH ETFs have performed closely to Bitcoin ETFs on a one-month, post-launch basis.
Aptos, Stark, XAI, Render prepare for $111 million cliff unlocks next week
Token Unlocks data reveals that the crypto market will witness $111 million of new unlocks next week. Aptos and Starknet will see the highest unlock volume, adding tokens worth $64 million and $25 million to their circulating supply. XAI, ENA, RENDER and IO will also witness combined unlocks of $15 million next week.
Bitcoin nears $54K as August NFP report sparks liquidations
Bitcoin dived below the $55K level on Friday as the general crypto market saw declines following the release of the August Nonfarm Payrolls report. With unemployment dropping to 4.2% as expected, eyes are now turned to the Federal Reserve meeting later in the month.
XRP declines to around $0.53, Ripple co-founder extends support to Kamala Harris in US election
Ripple co-founder Chris Larsen joined 88 other business leaders in supporting Vice President Kamala Harris in the upcoming US Presidential election, per a CNBC report.
Bitcoin: $50,000 on the horizon if it breaks below key support level
Bitcoin (BTC) price tests the key support level at $56,000 on Friday, consolidating over a 1% decline this week. If it drops below this support, a continued downtrend is likely for BTC, as suggested by substantial outflows from US spot Bitcoin ETFs, rising institutional selling, and bearish on-chain indicators.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.