US spot Bitcoin exchange-traded funds (ETFs) recorded $282.7 million in net outflows on Sept. 10. This extended a three-day run of withdrawals as Bitcoin fell toward $77,000.
Bitcoin ETF flows (Source: Farside Investors)
The latest session was a sharp acceleration in ETF selling. The funds recorded $46.6 million in net outflows on Sept. 8 and another $120.2 million on Sept. 9, bringing cumulative withdrawals over the three sessions to roughly $449.5 million.
ARK Invest and 21Shares’ ARKB accounted for the largest share of Thursday’s losses by recording $164.3 million in outflows. Grayscale’s GBTC followed with $38.4 million leaving the fund, while Fidelity’s FBTC shed $33.6 million. BlackRock’s IBIT, the largest US spot Bitcoin ETF, posted $24.5 million in withdrawals.
Meanwhile, MSBT was the only fund to record positive flows, and attracted $4 million during the session. Several other products reported no net movement.
Bitcoin Price Falls as ETF Demand Weakens
The deterioration in institutional flows coincided with new pressure on Bitcoin. BTC was trading at around $77,095 early on Sept. 11, down 1.76% over the past 24 hours, according to CoinCodex data. Bitcoin had traded above $78,000 earlier in the period before selling intensified and briefly pushed the cryptocurrency into the mid-$76,000 range overnight.
BTC’s price action over the past 24 hours (Source: CoinCodex)
The price later recovered above $77,000, but remained well below its earlier levels.
The combination of falling prices and accelerating ETF withdrawals suggests institutional demand has weakened quite a bit over the past several sessions. Sept. 10 was particularly pivotal because selling was spread across several of the largest funds rather than being concentrated in a single product.
With almost $450 million withdrawn from US spot Bitcoin ETFs in just three trading sessions, flows could become an important indicator for whether Bitcoin can stabilize around $77,000 or faces another move lower.
