Spot Bitcoin ETFs posted net outflows of $462.73 million over four trading days last week, their first red week since a rally in mid-August. The reversal followed three straight weeks of net inflows and came alongside a volatile swing in bitcoin's price. Ethereum ETFs, tracked over the same days, saw both inflows and outflows.
Four Straight Days of Withdrawals
For the first time since mid-August, spot Bitcoin ETFs turned red, with more than $460 million leaving the funds across four business days. Monday was a non-trading day for Labor Day, but the withdrawals began the next day, with $46.65 million in net outflows on Tuesday. Wednesday brought $120.24 million in outflows. Thursday saw $282.56 million leave the funds. Friday, the day US CPI numbers came out, added $13.29 million in outflows.
As a result, total net inflows into the spot Bitcoin ETF category declined from $55.62 billion to $55.15 billion on September 11. That follows the week of August 17 to 21, when the funds attracted over $1.9 billion as bitcoin's price rose from under $65,000 to almost $80,000. The two weeks that followed stayed positive too, with $924 million and $986 million in net inflows.
Bitcoin's Price Whipsaws Into the Weekend
Bitcoin's price had a volatile end to the week as well. It dropped from $77,000 to $76,000 before surging to $79,800, then returned to its starting point. Next week is expected to bring more movement, as the CLARITY Act is set to reach the US Senate, and the Fed will announce its next rate move a day later.
Ethereum ETFs See Mixed Flows
Spot Ethereum ETFs did not follow bitcoin funds into the red on every day of the week. Investors withdrew $24.29 million on Monday. They then poured in $34.75 million on Wednesday. Sellers took back control on Thursday, pulling $29.76 million from the funds.
Source: CryptoPotato
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