Last week’s overall outflows were largely driven by two funds. Those are Ark Invest/21Shares’ Bitcoin fund (ARKB) and Grayscale’s Bitcoin ETF (GBTC).
No less than $277 million left the US spot Bitcoin exchange-traded funds (ETFs) last week, reflecting a general state of downturn in the crypto market. That is, as Bitcoin continues to languish below the $60,000 mark, while most altcoins are also struggling to keep losses as minimal as possible.
Investors Pull Out of US Spot Bitcoin ETFs
According to data from Farside Investors, all U.S. Bitcoin funds saw a cumulative net inflow of about $202 million on Monday. The data shows BlackRock’s iShares Bitcoin Trust (IBIT) led Monday’s charge after it interestingly drew in more than the entire group’s net inflow for the day. IBIT reported $224 million in new investments last Monday.
Monday’s strong start boosted the hopes for the week, but the expectations were soon cut short. By Tuesday, the overall spot Bitcoin ETF flows turned negative and remained so for the rest of the week. Data reports show that the losing streak from Tuesday through Friday ended up seeing the funds lose approximately $480 million.
These outflows were so massive that Friday alone saw investors pull out over $175 million to mark the largest daily outflow in a month. On top of that, BlackRock’s IBIT, which has only ever seen a day of outflow since its January launch, also saw its second outflow within the week.
Notably, though, its remarkable outing on Monday meant that IBIT would end the week on a positive note. That is, with a net inflow of around $210 million.
It might be worth noting that last week’s overall outflows were largely driven by two funds. Those are Ark Invest/21Shares’ Bitcoin fund (ARKB) and Grayscale’s Bitcoin ETF (GBTC). They recorded the biggest net outflows among Bitcoin spot ETFs, losing $220 million and $119 million respectively over the week.
BTC Also Drops
Over the same period, Bitcoin (BTC) also shed nearly 10% of its value. The prized asset went on from $64,500 on August 26 to as low as $58,000 on August 30. As of publication, though, it has gained some and was seen trading at around $58,311. Bitcoin is up 0.52% on the day, but down 8.78% over the past week.
Notably, Bitcoin’s downtrend has almost determined the fate of other cryptocurrencies in the market. That is, with major ones like Ethereum, Solana, XRP, and most others, all experiencing various degrees of losses.
The global crypto market capitalization has also been impacted, shrinking by 2.4% to $2.1 trillion, as CoinGecko data suggests.
While most altcoins followed Bitcoin’s downward trend, only four were showing gains in the past 24 hours. Those are Helium (HNT), Monero (XMR), Starknet (STRK), and Fetch.AI (FET). However, with BTC now seeing some little gains in the past 24 hours, a wider range of cryptocurrencies is also expected to pick up pace.
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