Key Points
- Last week, Bitcoin ETFs recorded total outflows of $277 million.
- BTC is now trading above $57,000, down by over 9% in the past 7 days.
During the past week, starting August 26 to August 30, Bitcoin ETFs in the US recorded total outflows of $277 million.
According to the latest data from SoSoValue, the only day in which the US-based Bitcoin ETFs recorded inflows was August 26 when the crypto products saw influxes of $202.5 million.
4 Consecutive BTC ETF Outflow Days Last Week
Last week, Bitcoin ETFs saw 4 consecutive days of outflows from August 27 to August 30 as follows:
- August 27: BTC ETFs recorded $127.05 million in outflows.
- August 28: BTC ETFs recorded $105.1 million in outflows.
- August 29: BTC ETFs recorded $71.7 million in outflows.
- August 30: BTC ETFs recorded over $175.6 million in outflows.
The Bitcoin ETF with the largest net outflows last week was Ark Invest and 21Shares’s BTC ETF, ARKB with a net outflows of $220 million. Also, Grayscale’s Bitcoin ETF, GBTC, recorded a weekly net outflow of $119 million.
Last week also marked the second time when BlackRock’s Bitcoin ETF, IBIT, saw outflows since its launch back in January 2024. On August 29, the crypto product saw $13.5 million in outflows.
After that, on August 30, BlackRock’s crypto product did not see any inflows or outflows.
On Friday, no Bitcoin ETF in the US recorded inflows, and the crypto product with the highest outflows for the day was Grayscale’s GBTC, with over $70 million, followed by ARK Invest and 21Shares’ ARKB which saw over $65 million in outflows, according to SoSoValue data.
As BTC ETFs saw outflows during the past week, the price of Bitcoin also recorded a significant decline of 9% in the past 7 days.
Bitcoin is Trading Above $57,000
At the moment of writing this article, Bitcoin is trading above $57,000, down by almost 1% in the past 24 hours. The coin saw a drop in price from September 1 when it was trading above $58,000.
After trading above $60,000 since August 21, and reaching prices close to $65,000 on August 26, the coin’s price dropped below $60,000 on August 28.
On August 5, also known as the Crypto Black Monday, BTC recorded its price drop below the important level of $50,000.
As BTC began the month with a price decline, there are multiple events and key speeches this week that could affect the coin’s price trajectory.
