US Bitcoin ETFs Experience Longest Streak of Daily Net Outflows Since Launch
- PHPzOriginal
- 2024-09-09 18:15:14950browse
Investors withdrew nearly $1.2 billion from these 12 ETFs over eight days through September 6. according to Bloomberg data.
Investors pulled nearly $1.2 billion from US Bitcoin exchange-traded funds (ETFs) over eight days through September 6, marking the longest streak of daily net outflows since the funds began trading at the start of the year, Bloomberg data showed on Monday (September 12).
The outflows come amid concerns over economic performance indicators, such as mixed US employment statistics and deflation in China, that have battered global shares and commodities this year.
Crypto markets have largely followed the trend, with Bitcoin down about 7% in September so far. However, the digital currency recovered slightly over the weekend and was trading at $54,870 by Monday afternoon in Singapore.
The slight recovery could be partly due to some personalities closing their short positions, said Sean McNulty, director of trading at Arbelos Markets. For example, Arthur Hayes, one of the co-founders of BitMEX, recently shared his market outlook on social media.
Moreover, Donald Trump’s improved performance in the race for the US presidency may be boosting market sentiment. The community now awaits potential price movements ahead of the upcoming vice presidential debate between Trump and Kamala Harris, who has not yet disclosed her stance on cryptocurrencies.
The US Bitcoin ETFs, which began trading in January, were widely expected to propel the cryptocurrency to new highs, and it indeed hit a record high of $73,798 in March. But demand has since fizzled out, with Bitcoin up only about 30% year-to-date.
The sustained outflows from US Bitcoin ETFs highlight growing investor concerns about economic instability, underscoring how global market uncertainties are increasingly impacting the cryptocurrency sector.
The above is the detailed content of US Bitcoin ETFs Experience Longest Streak of Daily Net Outflows Since Launch. For more information, please follow other related articles on the PHP Chinese website!