Bitcoin ETFs in the US have undergone a notable decrease, with net outflows amounting to $1.2 billion in the last eight days. This signifies the most extended duration of uninterrupted withdrawals since their inception in early 2024.
From late August to early September, investors withdrew substantial amounts from the 12 spot Bitcoin ETFs available on US marketplaces. This withdrawal aligns with a wider reduction in Bitcoin values, which has experienced a significant decrease throughout the same timeframe.
The influence of Rektember on Bitcoin prices is unsurprising, as September is conventionally a difficult month for digital assets. The name “Rektember” has arisen to characterize the month’s propensity to disrupt investor portfolios, frequently resulting in diminished portfolio values and increased market apprehension.
Historically, the decline in September is frequently succeeded by a robust recovery in October, prompting some members of the crypto community to refer to the subsequent month as “Uptober” because of its reputation for reversing market trends.
Notwithstanding the withdrawals, Bitcoin ETFs have a preeminent status in the entire ETF industry, with more than 400 new ETFs launched this year alone.
Spot Bitcoin ETFs, including BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC), have sustained their dominance despite the ongoing decline in the cryptocurrency market.
