Bitcoin ETFs Bleed $287M, Largest Daily Outflow in Four Months
2024-09-04

The U.S.-listed spot bitcoin {{BTC}} exchange-traded funds (ETFs) had a rough day on Monday as growth concerns and a sell-off in Nvidia NNVDA dented market sentiment.
The 11 ETFs registered a cumulative net outflow of $287.8 million, the largest single-day tally since May 1, when the funds bled over $500 million, according to data tracked by Farside Investors.
Fidelity's FBTC led the outflows, registering $162.3 million in withdrawals. Grayscale's GBTC registered an outflow of $50.4 million and BITB and ARK lost $25 million and $33.6 million, respectively, with others accounting for the rest of the cumulative outflow. BlackRock's IBIT drew zero for the second straight trading day.
Bitcoin's price fell over 2.7% to $57,500 on Tuesday, reversing Monday's bounce. The losses came after the U.S. ISM manufacturing PMI printed below 50, indicating a continued contraction in the activity in August. The data revived growth fears, weighing over risk assets, including cryptocurrencies.
"A miss in the manufacturing PMI rehashed fears of an economic slowdown, with Nvidia leading the sell-off, losing 9.54%," crypto OTC liquidity network Paradigm said in a Telegram broadcast.
At press time, BTC changed hands at $56,500, extending overnight losses and the futures tied to the S&P 500 traded 0.4% lower.