Cointelegraph Team
Cointelegraph
The 11 United States-based spot Bitcoin exchange-traded funds (ETFs) have had combined net outflows of $1.2 billion in eight days.
On Sept. 9, Bloomberg data showed investors withdrew around $1.2 billion from the 11 listed spot Bitcoin (BTC $55,360) ETFs between Aug. 30 and Sept. 6 — their longest run of outflows since launching on Jan. 10.
US-based Bitcoin ETFs have had their longest outflow streak since launching in January. Source: Bloomberg
The outflows come as the Bitcoin price struggled in the first week of September, going 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. However, analysts say that BTC has historically shown poor performance in September.
BTC price losses mimic a standard “Rektember”
The words “Rektember” and “Uptober” are commonly used in crypto, as digital asset prices often “rekt” in September and “get some relief” in October.
At the beginning of September, Bitcoin hit a two-week low, shedding more than 2% at the beginning of the month. However, analysts still believe in a potential upside for the digital asset.
Despite its short-term dips, financial adviser Suze Orman believes everyone should own Bitcoin and that the next generation of investors could influence the future of crypto.
In a CNBC interview, Orman said that as younger people make more money, BTC will be one of their investments of choice, and that will cause the asset’s price to go up.
Crypto dominates 2024 ETF launches
Despite the outflows, crypto dominated the ETF space compared to the 400 new ETFs launched in 2024. Data from The ETF Store show that the four biggest launches in 2024 are 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 related to crypto, 10 are Bitcoin-based ETFs, and three are Ethereum-related funds. Among the Ether (ETH $2,330) ETFs, the iShares Ethereum Trust ETF was the seventh-largest ETF launch in 2024, passing the $1 billion mark in August.
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