Bitcoin ETF Complex Experiences Net Outflows Amid Macro Backdrop
The Bitcoin ETF complex experienced net outflows of $120.2 million on September 9, following redemptions of $46.6 million on September 8. This marked the first back-to-back outflow streak since mid-August and coincided with Bitcoin's break below $78,000.
The damage was concentrated in two funds: ARK 21Shares' ARKB, which led the retreat with $77.98 million of net redemptions, accounting for roughly 65% of the day's total, and BlackRock's IBIT, which shed $19.53 million. Morgan Stanley's MSBT was the only identified product with a positive print at $4.49 million.
The outflows were short-lived, however, as the trailing seven days still show roughly $820 million of net inflows. September 3 alone brought $730.9 million into the funds, meaning the two-session pullback erased less than a quarter of a single day's creations. Month-to-date across six reported sessions, the complex sits at roughly $603 million of net inflows.
The macro backdrop explains the turn. Bitcoin fell to $77,092.32 on Thursday, a 2.34% decline, after printing $79,760 fourteen hours earlier. The 10-year Treasury yield climbed to 4.90%, its highest since November 2023. Odds of a Federal Reserve hike at the September 15-16 meeting sit between 62% and 64%. Rising Treasury yields have pressured every financial market, and higher oil prices have revived inflation concerns.