US Bitcoin ETFs Bleed $1.2 Billion in Longest-Run Outflows

Sep 10, 2024 thejournalbiz

US Bitcoin exchange-traded funds have posted their longest daily net outflows since listing at the start of the year, part of a wider retreat from riskier assets in a challenging period for global markets.

Bloomberg Chart on ETFs outflows

Investors pulled close to $1.2 billion in total from the group of 12 ETFs over the eight days through Sept. 6, data compiled by Bloomberg show. The drop comes amid a rocky period for shares and commodities on economic growth worries.

Investors pulled cash from the funds for eight straight days

Anxiety in global markets is spilling over into digital assets

Mixed US jobs data and deflationary pressure in China are both taking a toll on traders. The uncertainty is buffeting the cryptocurrency market, whose gyrations have become more closely tied to moves in stocks based on a rising short-term correlation between the two.

Bitcoin has struggled in September, posting a loss of approximately 7%. But the largest digital asset eked out modest gains over the weekend and climbed roughly 2.4% to $55,682 as of 10 a.m. on Monday in New York.