US Bitcoin ETFs shed $277 million over past week amid market downturn

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Outflows from US spot Bitcoin exchange-traded funds (ETFs) hit $277 million last week as the crypto market faced downturns, with Bitcoin lingering below the $60,000 mark and most altcoins continuing to decline.

According to data from Farside Investors, the group of US Bitcoin funds collectively drew in around $202 million in new investments on Monday, with BlackRock’s iShares Bitcoin Trust (IBIT) accounting for the majority of daily inflows. On that day alone, IBIT logged over $224 million in net capital.

After a strong start to the week, spot Bitcoin ETF flows turned negative on Tuesday and extended their losing streak until Friday.

Data shows that investors pulled approximately $480 million from the funds during this period. On Friday alone, US Bitcoin ETFs saw over $175 million withdrawn, the largest outflow since August 2.

Amidst a week of the market downturn, BlackRock’s IBIT, a fund known for its consistent inflows, experienced its second-ever outflow since its launch. However, strong inflows on Monday allowed it to end the week with a net inflow of around $210 million.

Last week, Ark Invest/21Shares’ Bitcoin fund (ARKB) and Grayscale’s Bitcoin ETF (GBTC) experienced the largest net outflows among Bitcoin spot ETFs, with ARKB losing $220 million and GBTC losing $119 million.

Over the same period, Bitcoin (BTC) fell around 9%, from $64,500 on August 26 to $58,000 on August 30. The flagship crypto is currently trading at around $57,700, down 10% over the past week, per TradingView data.

Bitcoin’s retreat has dragged down the broader crypto market. Ethereum, Solana, Ripple, and Dogecoin all experienced losses, with Dogecoin falling the most at 5.6%.

The global crypto market capitalization has shrunk by 2.4% to $2.1 trillion, according to CoinGecko. Most altcoins have followed Bitcoin’s downward trend, with only four—Helium (HNT), Monero (XMR), Starknet (STRK), and Fetch.AI (FET)—showing gains in the past 24 hours.

Memecoins have led the altcoin decline, with DOGS, BEAM, BRETT, and Dogwifhat (WIF) experiencing the most significant losses.

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