Bitcoin ETFs Drain $450M Amid Stalled Crypto Bill
Bitcoin ETFs have seen a significant outflow of funds in recent days. The US-listed Bitcoin exchange-traded funds (ETFs) saw their largest day of outflows since late June, with a net withdrawal of $450.4 million on Tuesday, according to data from Farside.
This follows a major crypto bill stalling in the Senate, which may have contributed to investor uncertainty and risk aversion.
The BlackRock iShares Bitcoin Trust saw outflows of $161.7 million, while Fidelity's FBTC shed $214.8 million. Grayscale's Bitcoin Trust ETF (GBTC) lost $44.1 million, ARK 21Shares Bitcoin ETF (ARKB) saw a $17.4 million withdrawal, and Bitwise Bitcoin ETF (BITB) experienced outflows of $12.4 million.
Bitcoin's price has also been affected, trading at $75,700, down 2.5% over the last 24 hours, according to CoinMarketCap.