$1.2 Billion Flows Out of Bitcoin ETFs in Under a Week

Over a span of eight days, the United States’ 12 registered Bitcoin ETFs experienced a total net outflow of $1.2 billion, according to Bloomberg’s latest data. Between August 30 and September 6, these outflows mark the longest stretch of net withdrawals since the ETFs were initially offered in January.

During the early days of September, Bitcoin’s value fluctuated significantly, dropping from a peak of $64,668 on August 26 to $53,491 by September 7—a decline of 17.28% in just over two weeks. BTC price losses mimic a standard “Rektember”, reflecting a pattern where Bitcoin typically underperforms in September.

The terms “Rektember” and “Uptober” reflect common crypto lingo, indicating that September often sees losses, while October might offer some recovery.

At the outset of September 2024, Bitcoin reached a two-week low, losing over 2% early in the month. Despite these short-term fluctuations, market analysts still anticipate a potential rise in Bitcoin’s value.

Renowned financial advisor Suze Orman advises that Bitcoin should be part of everyone’s investment portfolio, predicting that the rising financial influence of younger generations will likely boost Bitcoin’s price in the future. In a recent CNBC interview, Orman highlighted that as young people increase their earnings, Bitcoin is poised to become a key investment, likely driving its price upward.

Crypto dominates 2024 ETF launches, with cryptocurrency-related funds leading the way among the 400 new ETFs launched this year. Notably, the four largest ETF launches in 2024 were all Bitcoin spot ETFs, including BlackRock’s iShares Bitcoin Trust (IBIT), Fidelity’s Wise Origin Bitcoin Fund (FBTC), ARK 21Shares Bitcoin ETF (ARKB), and Bitwise’s Bitcoin ETF Trust (BITB).

Out of the top 25 ETF launches by inflow, 13 are crypto-related, with ten focusing on Bitcoin and three on Ethereum. The iShares Ethereum Trust ETF (ETHA) notably became the seventh-largest ETF launch in 2024, surpassing $1 billion in inflows by August.

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