Bitcoin ETFs register combined $1.2 billion in outflows over 8 days
Despite the outflows, crypto ETFs outpaced the more than 400 new ETFs in 2024, with the four largest launches being spot Bitcoin ETFs.
Despite the outflows, crypto ETFs outpaced the more than 400 new ETFs in 2024, with the four biggest launches being spot Bitcoin ETFs.
The 11 U.S.-listed spot Bitcoin ETFs have logged a combined net outflow of $1.2 billion in eight days.
As of September 9, Bloomberg data showed investors pulled about $1.2 billion from the 11 listed spot Bitcoin
The outflows come as Bitcoin price struggled in early September, sliding from a high of $64,668 on Aug 26 to a low of $53,491 on Sept 7 — a 17.28% drop in just two weeks. Analysts, however, say BTC has historically performed poorly in September.
BTC price declines mimic a standard "Stretch-September." The words "Stretch-September" and "Uptober" are commonly used in crypto, as prices often "stretch" in September and "get some relief" in October.
Early September, Bitcoin hit a two-week low and shed more than 2% at the start of the month. Analysts still see potential upside for the digital asset.
Despite the near-term dips, financial advisor Suze Orman believes everyone should own Bitcoin and that the next generation of investors could shape the future of crypto.
Crypto dominates ETF launches in 2024
Despite the outflows, crypto dominated the ETF space compared with the 400 new ETFs launched in 2024. Data from The ETF Store show the four biggest launches in 2024 were all spot Bitcoin ETFs. This includes BlackRock's iShares Bitcoin Trust, Fidelity's Wise Origin Bitcoin Fund, the ARK 21Shares Bitcoin ETF and Bitwise's Bitcoin ETF Trust.
Top ETF launches in 2024. Source: The ETF Store
Of the top 25 ETF launches by inflows, 13 are crypto-related, 10 are Bitcoin-based ETFs, and three are Ethereum-related funds. Of the Ether ETFs, the iShares Ethereum Trust ETF was the seventh-largest launch in 2024, with $1 billion in inflows in August.
