By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Gulf PressGulf Press
  • Home
  • Gulf News
    • Saudi Arabia
    • UAE24/7
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • World
  • Business
    • Market DataLive
    • Finance
    • Economy
    • Energy
    • Crypto
    • ForexHot
    • Tech
  • Sports
  • Lifestyle
  • Videos
Search
Countries
  • Saudi Arabia
  • UAE
  • Kuwait
  • Qatar
  • Bahrain
  • Oman
More Topics
  • Technology
  • Health
  • Entertainment
  • Crypto
  • Forex
  • Stocks
Site Links
  • Business Hub
  • Trending
  • Weather
  • Customize Interests
  • Bookmarks
  • Newsletter
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Reading: Over seven consecutive trading days, U.S. spot Bitcoin ETFs experience $1 billion in net outflows
Share
Notification Show More
Recent Saved
Workers in Bucharest face challenges as temperatures rise
World
Dress code guidelines for the Qatari government sector during office hours
Qatar
Court rules in favor of worker after company dismisses him for salary deductions over 6 years, awarding BD 27,000.
Bahrain
UAE to See Almost 30,000 New Millionaires in 5 Years
UAE
Proposed New Labor Law in Bahrain Targets Increasing Job Opportunities
Bahrain
Latest News
UAE Ranks Among Top Rugby Markets on TOD as British & Irish Lions Tour Kicks Off
Sports
Darven: A New Leap in AI-Powered Legal Technology Launching from the UAE to the World
Tech
Beat the Heat This Summer with a Chill Out on Dubai Marina
World
Historic Italian City of Assisi to Host International Exhibition “Jordan: Dawn of Christianity”
World
Jordan to Host Iraq in the Final Round of the Asian World Cup Qualifiers After Securing Historic Spot
Sports
The Myriad Redefines Student Living for a Mobile, Urban Generation
UAE
L’Oréal Paris Welcomes Yasmine Sabri as New Brand Ambassador for the Middle East
Lifestyle
Roland Garros 2025: A New Era of Viewing, A Tribute to Legends, and Moments to Remember
Sports World
Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide
Crypto
Bitget Protection Fund Maintains Strength with $561 Million Average Value in April 2025
Business Crypto
Aa
Gulf PressGulf Press
Aa
  • Gulf News
  • World
  • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Videos
Search
  • Home
    • Videos
    • Business Hub
    • Trending
  • Gulf
    • Saudi Arabia
    • UAE
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • Business
    • Market Data
    • Crypto
    • Economy
    • Energy
    • Finance
    • Forex
    • Tech
  • More News
    • World
    • Lifestyle
    • Entertainment
    • Sports
Have an existing account? Sign In
Follow US
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Gulf Press > Business > Crypto > Over seven consecutive trading days, U.S. spot Bitcoin ETFs experience $1 billion in net outflows
Crypto

Over seven consecutive trading days, U.S. spot Bitcoin ETFs experience $1 billion in net outflows

News Room
Last updated: 2024/09/06 at 10:50 AM
News Room
Share
4 Min Read
SHARE

Bitcoin ETFs in the U.S. have seen significant net outflows of over $1 billion in a seven-day period from August 27 to September 5, according to data from Farside Investors. Fidelity’s Wise Origin Bitcoin Fund (FBTC) led the downturn with $374 million withdrawn, followed by Grayscale’s Bitcoin ETF (GBTC) with $227 million in outflows. BlackRock’s iShares Bitcoin Trust (IBIT), the largest Bitcoin ETF globally, experienced its second-ever outflow since its launch in January, losing $13.5 million on August 29. Despite strong inflows leading up to this period, IBIT saw no further activity during the seven days. Other U.S. Bitcoin ETFs also faced losses, with WisdomTree’s Bitcoin Fund (BTCW) as the only exception, showing no significant inflows or outflows.

The decline in Bitcoin ETF activity coincided with a drop in Bitcoin’s price, which fell over 4% last week and is currently trading around $56,500. Analysts attribute the price drop partly to persistent ETF outflows and increasing concerns over global market instability. On September 5, Bitcoin funds saw a $211 million outflow, marking the fourth-highest daily loss since May 1. Bitcoin has struggled to break through the $65,000 resistance level, creating selling pressure, especially for short-term investors. The Fear and Greed Index, reflecting market sentiment, remains in “fear” territory, indicating growing concerns over a potential recession. Similarly, Ethereum spot ETFs also experienced outflows, with Grayscale’s Ethereum ETF (ETHE) recording a loss of $7.39 million on September 5, while its mini ETF saw a slight inflow of $7.24 million.

Amid the negative sentiment in the cryptocurrency market, digital asset investment products faced significant outflows totaling $305 million last week. The primary catalyst behind this downturn appears to be stronger-than-expected economic data from the United States, reducing the likelihood of a 50-basis point interest rate cut by the Federal Reserve. The Bitcoin network has also witnessed a notable drop in activity, reaching levels not seen in three years. CryptoQuant reported a decline in active addresses on the Bitcoin network, from nearly 1.2 million at their peak in mid-March to 744,000 in late August, marking the lowest daily tally since 2021. This reduction in active addresses signals a decline in network activity, indicating fewer transactions are taking place, potentially reflecting a lack of interest in using the network.

Overall, the recent outflows in U.S. Bitcoin ETFs and digital asset investment products suggest a wave of negative sentiment sweeping the cryptocurrency market, with concerns over global market instability and economic data impacting investor confidence. The struggle of Bitcoin to break through resistance levels and the drop in network activity indicate a challenging environment for cryptocurrencies in the current market landscape. As market participants navigate these uncertainties, monitoring key indicators like ETF flows, network activity, and market sentiment will be crucial to understanding the evolving dynamics of the cryptocurrency space. Additionally, staying informed about global economic developments and regulatory events will be essential for investors to make informed decisions in this rapidly evolving market. With ongoing challenges and opportunities in the crypto space, adapting to changing market conditions and trends will be vital for long-term success and resilience in the digital asset ecosystem.

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
News Room September 6, 2024
Share this Article
Facebook Twitter Copy Link Print
Previous Article Chairperson of the Shura Council’s Internal and External Affairs Committee hosts US Ambassador
Next Article USD/JPY: OCBC warns of impending death cross
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

235.3k Followers Like
69.1k Followers Follow
56.4k Followers Follow
136k Subscribers Subscribe
- Advertisement -
Ad imageAd image

Latest News

UAE Ranks Among Top Rugby Markets on TOD as British & Irish Lions Tour Kicks Off
Sports July 6, 2025
Darven: A New Leap in AI-Powered Legal Technology Launching from the UAE to the World
Tech July 1, 2025
Beat the Heat This Summer with a Chill Out on Dubai Marina
World July 1, 2025
Historic Italian City of Assisi to Host International Exhibition “Jordan: Dawn of Christianity”
World June 28, 2025

You Might also Like

Crypto

Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide

May 22, 2025
BusinessCrypto

Bitget Protection Fund Maintains Strength with $561 Million Average Value in April 2025

May 20, 2025
BusinessCrypto

RWA project FEXSE tokenises $600,000 Jacob & Co. luxury watch on the blockchain

April 14, 2025
BusinessCrypto

Forbes Lists Bitget Amongst The World’s Most Trustworthy Crypto Exchanges

February 1, 2025
BusinessCrypto

Bitget Leverages AI Algorithms for Token Listing with the Launch of Bitget Seed

January 27, 2025
BusinessCrypto

Bitget to List Official TRUMP Meme Token for Spot Trading

January 23, 2025
BusinessCrypto

Bitget LaunchX to Support Jambo’s $5 Million Fundraising for Satellite Launch Program

January 18, 2025
BusinessCrypto

Bitget Unveils Over $5 Billion Worth of BGB Token Burn in New Whitepaper

December 28, 2024
//

Gulf Press is your one-stop website for the latest news and updates about Arabian Gulf and the world, follow us now to get the news that matters to you.

Quick Link

  • Privacy Policy
  • Terms of ue
  • Advertise
  • Contact

How Topics

  • Gulf News
  • International
  • Business
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our latest news instantly!

I have read and agree to the terms & conditions
Gulf PressGulf Press
Follow US

© 2023 Gulf Press. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

I have read and agree to the terms & conditions
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?