Bloomberg data reported September 9 shows that large amounts of funds have been taken out of Bitcoin exchange-traded funds (ETFs) over the past eight days, totaling $1.2 billion. The funds left the ETFs from August 30 to September 6.
This was the longest stretch of withdrawals in a row since the ETFs started trading on January 10. Early in September, the price of Bitcoin dropped sharply. On August 26, it was worth $64,668, but by September 7, it was only worth $53,491, a drop of 17.28% in just two weeks.
Bitcoin ETFs Lead Launches
Analysts say that Bitcoin has generally done poorly in September, which is why the month is sometimes called “Rektember,” and people look forward to a recovery in October, which is called “Uptober.” Even with these latest withdrawals, cryptocurrency ETFs have done better than other new ETFs that came out in 2024.
This year, the four major ETF launches were all spot Bitcoin ETFs. These are the iShares Bitcoin Trust from BlackRock, the Wise Origin BTC Fund from Fidelity, the ARK 21Shares BTC ETF, and the BTC ETF Trust from Bitwise.
This year, 13 of the top 25 ETF launches by inflows are linked to crypto. Ten of them are focused on BTC , and three are on Ethereum. The iShares Ethereum Trust ETF became the seventh-largest ETF launch of 2024 when it raised more than $1 billion in August.
Suze Orman, a financial adviser, is still positive about BTC future. She says that as younger investors get richer, BTC will likely become a more popular investment, which could drive up its price.
