Investors pulled about $1.2 billion out of the eleven spot Bitcoin exchange-traded funds (ETFs) listed on Bloomberg between August 30 and September 6
Eleven US-based Bitcoin exchange-traded funds (ETFs) saw a total of $1.2 billion pulled out over eight days, marking the longest streak of outflows since the funds were first listed on January 10, according to data released on September 9 by Bloomberg.
Investors pulled about $1.2 billion from the eleven spot Bitcoin ETFs listed on Bloomberg between August 30 and September 6, the longest stretch of withdrawals since the funds’ inception on January 10.
Bitcoin's declining price has contributed to this extended period of investor withdrawals. Bitcoin fell more than 2% in the first two weeks of September, reaching its lowest point in two weeks.
Still, experts see room for improvement in the digital asset, especially with the asset's performance worsening in September, a phenomenon known as "Rektember" in the crypto industry.
However, financial advisor Suze Orman maintains her belief that everyone should own Bitcoin and that the upcoming generation of investors has the potential to influence the future of cryptocurrency.
Orman stated in a CNBC interview that the asset's value will increase as younger generations become more interested in Bitcoin as their disposable income grows.
Despite the outflows, crypto still managed to outpace the 400 new exchange-traded funds (ETFs) that debuted in 2024. According to data from The ETF Store, spot Bitcoin ETFs will be among the four most popular launches in 2024.
The ARK 21Shares Bitcoin ETF, the Bitcoin ETF Trust from Bitwise, the iShares Bitcoin Trust from BlackRock, and the Wise Origin Bitcoin Fund from Fidelity are all part of this group.
Thirteen of the top twenty-five exchange-traded funds (ETFs) by inflows are related to cryptocurrency, with ten being Bitcoin-based and three being Ethereum-related.
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