Bitcoin ETFs experience largest outflow of $450M since June amid stalled crypto bill in Senate
Spot Bitcoin exchange-traded funds saw their biggest single-day outflow since late June, with $450.4 million withdrawn following a stalled major crypto bill in the US Senate. This outflow came right after inflows of $159.9 million the previous day. The largest withdrawals occurred from funds managed by Fidelity, BlackRock, and Grayscale.
Details of Bitcoin ETF Outflows
Thirteen US-listed Bitcoin ETFs recorded a net outflow of $450.4 million on Tuesday, according to Farside data. This marks the largest single-day outflow since June 24, when Bitcoin ETFs saw $469 million withdrawn amid a sell-off in tech stocks and pressure on risk assets.
The biggest outflows occurred at Fidelity’s FBTC, shedding $214.8 million, followed by $161.7 million from BlackRock’s iShares Bitcoin Trust, $44.1 million from Grayscale’s Bitcoin Trust ETF (GBTC), $17.4 million from ARK 21Shares Bitcoin ETF (ARKB), and $12.4 million from Bitwise Bitcoin ETF (BITB).
Market Impact and Legislative Context
Bitcoin was trading at approximately $75,700 at the time of writing, down 2.5% over the past 24 hours according to CoinMarketCap.
The ETF outflows occurred amid a stalled major crypto bill in the US Senate, increasing uncertainty and tension in the digital asset market.
Why it matters
This news is significant as the outflow from Bitcoin ETFs reflects investor reaction to legislative developments and market sentiment. The stalling of a key crypto bill in the US Senate increased uncertainty, triggering substantial sell-offs within ETFs that can impact Bitcoin’s price. It highlights the sensitivity of digital asset markets to political and regulatory environments, a critical consideration for market participants and analysts alike.
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