US Bitcoin ETFs Loss $1.2 Billion Through Their Longest Streak Of Net Outflows

US spot Bitcoin ETFs saw the exit of $170 million on Friday, September 6, marking its eighth consecutive day of net outflows. Over the past eight days, the 11 spot BTC ETFs have recorded net inflows of $1.2 billion.

Despite the significant outflows, US Bitcoin ETFs have outperformed over 400 new ETFs in the global market.

US Spot Bitcoin ETFs Mark Longest Streak Of Net Outflows Of $1.2 Billion

According to a Bloomberg report, the US spot Bitcoin ETFs have seen their longest net outflows since launch in January. The funds lost $1.2 billion in net outflows in eight days, from August 30 to September 6.

Moreover, on September 6, the products marked their eighth consecutive day of net outflows amounting to $170 million, according to data from Farside Investors.

The data showed that Fidelity's FBTC saw the largest net outflows of $85.5 million on September 6.

Grayscale's GBTC followed with the exit of funds worth $52.9 million. BITB, ARKB, BRRR, and Grayscale's mini trust, BTC, recorded net outflows of $14.3 million, $7.2 million, $4.6 million, and $5.5 million, respectively.

BlackRock's IBIT and the other three ETFs saw zero net flows for the day. The ETF outflow trend stemmed from Bitcoin's downward slip. Within the first week of Sept, BTC struggled to maintain its high of $64,668 as of August 26.

With increasing bearish pressure, the primary cryptocurrency plummeted to $53,491 on September 7, reflecting a 17.18% decrease in 14 days.

Also, Bitcoin's price trend revealed that the token slipped to a two-week low after losing over 2% in the first week of September.

Moreover, crypto experts noted that Bitcoin has performed poorly since the beginning of September. However, they anticipate an upcoming rally in the crypto market, with BTC soaring higher than its recent value.

Bitcoin's recent performance satisfies the commonly used crypto terms Rektember" and Uptober." This means that the prices of crypto assets usually rekt" in September and pushed up" in October, respectively.

US Bitcoin ETFs Outperform New ETFs Launched In 2024

Despite their streak of net outflows over the past eight days, the US Bitcoin ETFs now dominate the ETF space.

According to data from The ETF Store, US BTC ETFs have outperformed other newly launched ETFs in 2024. The data highlighted US spot Bitcoin ETFs as the four top funds compared to 400 new ETFs launched in 2024.

*13* of top 25 ETF launches this yr are either bitcoin or ether related...

Out of approx 400 new ETFs.

Top 4 ETFs all spot btc. pic.twitter.com/gIkAiIM1jZ

- Nate Geraci (@NateGeraci) September 2, 2024

The leading products are BlackRock's IBIT, Fidelity's FBTC, ARK 21Shares' ARKB, and Bitwise's BITB. Additionally, 13 of the top 25 ETF launches in terms of inflows are crypto-related. Ten are Bitcoin-based ETFs, and the remaining three are Ethereum-based products.

Impressively, iShares Ethereum Trust ETF (ETHA) took the lead. It ranks as the seventh-largest ETF launch in 2024, with over 1 billion in assets as of August.

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