U.S. spot Bitcoin ETF has seen net outflows for two consecutive trading days, with a total outflow of over $147 million. Previously, such products attracted a large amount of capital back in early September, but the latest data indicates that institutional interest has slowed down in the short term. Meanwhile, Bitcoin is fluctuating around $80,000, and the market is also awaiting the Federal Reserve's latest interest rate decisions.
Strong inflows at the beginning of September turned weak later on.
Industry capital tracking data shows that on September 8, there was a net outflow of $46.65 million in spot Bitcoin in the United States (ETF), and on September 9, the net outflow further increased to $100.7 million, with a total of over $147 million over the two days.
At the beginning of September, there was a clear rebound in such products. On September 3 alone, US spot Bitcoin ETF attracted approximately $731 million in net inflows. At that time, the price of Bitcoin once again rose above $80,000, and market expectations regarding monetary policy and crypto regulatory environment improved for a while.
However, after the long weekend, the flow of funds began to weaken. Despite redemptions on two consecutive days, data from the blockchain platform Onchain Lens shows that since September, there has still been a cumulative net inflow of approximately $622.7 million in spot Bitcoin ETF in the United States, indicating that the overall funding situation has not turned negative yet for the month.
GBTC ranks at the top of the leaks
Looking at individual products, grayscale GBTC is one of the main sources of outflows in this round, with a single-day outflow of approximately 65.5 million US dollars. Fidelity FBTC and Invesco BTCO also recorded withdrawals of funds.
However, some products still saw capital inflows, which provided a certain hedge against the overall redemptions. BlackRock IBIT attracted approximately $10.7 million in net inflows on a single day, while BITB under Bitwise recorded about $14.5 million in inflows.
- Net outflow on September 8: $46.65 million
- Net outflow on September 9: $100.7 million
- Cumulative net inflow since September: approximately $622.7 million
Bitcoin under pressure around $80,000
In terms of prices, Bitcoin fell below the key figure of $80,000 this week and has since continued to fluctuate around that level. The market is currently more focused on the monetary policy decisions that the Federal Reserve is about to announce, with a growing sense of wait-and-see among investors.
In addition to interest rate expectations, rising yields on U.S. Treasury bonds and increasing oil prices are also contributing to market volatility. Reports mention that Brent crude oil broke through $100 per barrel on Wednesday, fueling concerns about inflation, which in turn puts additional pressure on risk assets.
Overall, although there has been a continuous net outflow in the short term for spot Bitcoin in the United States ETF, funds have still maintained a net inflow since September, and institutional demand has not yet seen a full reversal.
