Key facts:
The poor performance of the funds has a direct impact on the price of bitcoin.
Since launch, BTC ETFs have accumulated inflows of over USD 16 billion.
Bitcoin (BTC)-based exchange-traded funds (ETFs) in the United States reported net outflows of more than $167 million last Friday, September 6, surpassing the worst streak since their market launch in January 2024.
In the last 8 days, ETFs accumulated withdrawals of more than 1.16 billion dollarswhich has generated downward pressure on the price of the digital currency.
According to data from SosoValueFidelity’s Fidelity Wise Origin Bitcoin Fund (FBTC) recorded the largest number of departures among the 12 ETF of bitcoin, with $85 million.
The other funds that saw the most withdrawals were Grayscale’s Grayscale Bitcoin Trust (GBTC), with more than $52 million; and Bitwise’s Bitwise Bitcoin ETF (BITB), which reported net outflows of $14 million.
Meanwhile, Ark & 21Shares’ ARK 21Shares Bitcoin ETF (ARKB), Grayscale Bitcoin Mini Trust (BTC), and Valkiyrie’s Valkyrie Bitcoin Fund (BRRR) saw outflows of $7 million, $5 million, and $4 million, respectively.
The remaining funds, including BlackRock’s iShares Bitcoin Trust (IBIT), reported no net inflows throughout the day.
The poor performance of ETFs based on the digital currency created by Satoshi Nakamoto has had a direct impact on the price of BTC. At the time of publication of this note, its price is $54,300.
Beyond the negative record, it is important to note that, since its launch on the market, These financial instruments accumulate more than 16 billion dollars. This reflects high interest among institutional investors since the launch of ETFs.
Difficult month for the market
As reported by CriptoNoticias, September It is a difficult month for financial markets due to seasonal issuesincluding bitcoin and cryptocurrencies. What happens is that in the northern hemisphere it is summer and economic activities are paralyzed due to the holidays.
In this context, the latest employment data in the United States They did not bring encouraging newsOn Friday, it was announced that 160,000 new jobs were created in the country during August, a figure that contrasts with the 114,000 reported in July, a month that was considered weak.
Although the unemployment rate fell from 4.3% to 4.2%, financial markets remain cautious and wait to see what the US Federal Reserve will do on September 18. On that day, the agency led by Jerome Powell will announce its how much the interest rate cut will be. It is currently around 5.25%-5.5%.
In this regard, Juan Rodriguez, a renowned cryptocurrency market analyst, comments: “The labor market is falling faster than the Fed expected.” And he clarifies that Investors are forecasting a 50-point rate cut due to panic.
In this sense, he explains that a 25-point cut would be a bullish signal for risk assets, such as BTC and cryptocurrencies. For Rodriguez, a 50-point cut would be bearish, since it could be read as an indication of applying a strong measure to boost the US economy.