Bitcoin ETF Outflows Top $147 Million Amid Market Turbulence

Bitcoin exchange-traded funds (ETFs) have been experiencing outflows in recent days. According to data, these ETFs shed a total of $147 million over two consecutive days. This sudden loss of value comes after they initially attracted significant capital earlier this month.

The strong start to September saw a substantial influx of money into U.S. spot Bitcoin products, with a record-breaking $731 million flowing in on September 3 alone. However, this momentum was short-lived, and institutional demand weakened significantly following the long U.S. holiday weekend.

Grayscale's GBTC made up a considerable portion of these outflows, accounting for around $65.5 million in withdrawals. Fidelity's FBTC and Invesco's BTCO also recorded notable redemptions. On the other hand, BlackRock's IBIT attracted approximately $10.7 million, while Bitwise's BITB took in roughly $14.5 million.

Bitcoin has been struggling to maintain its price above $80,000 due to a combination of factors, including rising Treasury yields and surging oil prices. The upcoming Federal Reserve monetary policy decision is also causing investors to be cautious.