U.S.-listed spot Bitcoin (BTC) exchange-traded funds (ETFs) faced a challenging day on Monday as growth concerns and a sell-off in Nvidia (NVDA) dampened market sentiment.
The 11 spot Bitcoin ETFs experienced a combined net outflow of $287.8 million on Tuesday, marking the largest single-day outflow since May 1, when over $500 million was withdrawn, according to Farside Investors.
Fidelity’s FBTC led the spot Bitcoin ETFs outflows with $162.3 million in withdrawals, followed by Grayscale’s GBTC with $50.4 million. BITB and ARK saw outflows of $25 million and $33.6 million, respectively, with the remainder of the outflows spread across other funds. BlackRock’s IBIT saw no movement for the second consecutive trading day.
Bitcoin’s price dropped over 2.7% to $57,500 on Tuesday, reversing Monday’s gains. The decline followed a weaker-than-expected U.S. ISM manufacturing PMI, which fell below 50, signaling ongoing contraction in August.
This data reignited growth concerns, impacting risk assets, including cryptocurrencies. Paradigm, a crypto OTC liquidity network, said in a Telegram broadcast, “a miss in the manufacturing PMI rehashed fears of an economic slowdown, with Nvidia leading the sell-off, losing 9.54%.“
