Bitcoin ETF Outflows Hit $450 Million Amid Stalled Crypto Bill
US spot Bitcoin exchange-traded funds (ETFs) saw their largest one-day redemption in nearly three months on September 15, with investors pulling $450.4 million from the products.
The outflow reversed the prior session's net inflow of $159.9 million and marked the largest daily drawdown since June 25, when the funds lost $696.29 million, according to data compiled by Farside Investors.
Fidelity's Wise Origin Bitcoin Fund (FBTC) bore the brunt of the selling with $214.8 million in net redemptions, followed by BlackRock's iShares Bitcoin Trust (IBIT) at $161.7 million.
The legislative setback came as a procedural defeat in the US Senate for the Digital Asset Market Clarity Act, which failed to secure the 60 votes needed to advance. The bill was designed to establish a federal market structure for digital assets and delineate responsibilities between the Securities and Exchange Commission and the Commodity Futures Trading Commission.