US Spot Bitcoin ETFs Records $168 Million in Outflows As Global Markets Tumbles

The global market struggles, with declines in different market indexes and stock prices due to intense panic sell-offs.Amid the widespread market turbulence, US spot Bitcoin ETFs recorded notable outflows, reaching $168 million on Monday.

Similarly, almost all crypto assets bled, spiking the Crypto Fear & Greed Index to hit an Extremely Fear" rating.

Spot Bitcoin ETFs Bleed $168 Million As Market Overturns

Data from crypto analytics platform SoSoValue shows that US spot Bitcoin ETFs recorded a total outflow of $168.4 million on August 5. Also, data from Farside Investors confirmed the massive drain of funds in the ETF market.

The data showed that Grayscale's Bitcoin ETF (GBTC) saw the largest outflow of $69.12 million for the day. Ark Invest and 21Shares fund (ARKB) followed closely with $69 million in net outflows, while Fidelity's fund (FBTC) lost $58 million.

Meanwhile, Grayscale's recent Bitcoin Trust, launched last week, attracted about $ 21.81 million in net inflows. This amount aided in countering the massive cumulative outflows in the market. Also, Bitwise's and VanEck's funds reported approximately $3 million in inflows on Monday.

On the other hand, BlackRock's IBIT, Invesco's, Valkyrie's, and the other funds posted zero net flows on Monday.

In addition, spot Bitcoin ETFs saw a total traded volume of $5.24 billion as of August, the most significant value the funds have recorded since March 25, 2024. The spike in the volume could be due to the global market turbulence as investors liquidate their portfolios for fear of further losses.

BlackRock's IBIT, the most significant Bitcoin ETF in cumulative asset value, topped the traded volume. On Monday, IBIT contributed more than half of the traded volume.

Crypto Market Index Slips To Extreme Fear Amid Global Economic Turbulence

On Monday, the global markets witnessed a drastic decline, impacting stocks, equities, commodities, and crypto assets. The turbulence came from several financial and macroeconomic factors, escalating the overall price trend.

Global financial tension emanated in the Middle East as some prominent financial holders sold off portions of their stocks. The US's weak economic numbers also contributed to the turbulence.

Berkshire reduced its Apple stake by almost 50%, causing the price of AAPL to drop drastically. The recent Jump Crypto fund transfers spiked the market intensely, leading to subsequent sell-offs.

Given the bearish market outlook, the crypto Fear & Greed Index dropped to 31, indicating Extreme Fear." Following the trend, Bitcoin slipped below the $50,000 region for the first time since mid-February to hit a daily low of $49,121.24 as of August 5.

The cumulative crypto market cap plummeted by over 16% on Monday to reach $1.77 trillion. However, there's currently a significant recovery in the crypto market. BTC has climbed over the $55,000 mark and trades at $55,091, boasting a 6.37% increase over the past 24 hours.

The post US Spot Bitcoin ETFs Records $168 Million in Outflows As Global Markets Tumbles appeared first on The Tech Report.