Crypto Fund Outflows Were Most Since March Last Week as Bitcoin ETFs Bled

Bitcoin lost over 8% of its value during the week, falling below $54,000 on Sept. 6 having traded around $59,000 on Sept. 2

Crypto fund outflows hit a seven-month high last week as bitcoin exchange-traded funds (ETFs) bled.

Digital asset investment products suffered their highest net outflows since March, losing $725.7 million, according to CoinShares data.

The bulk of the money fled bitcoin (BTC) products as investors withdrew from spot U.S. ETFs for a record eight straight days.

Bitcoin products registered outflows of $643 million, while ether (ETH) equivalents lost $98 million, CoinShares said Monday.

The outflows were almost entirely concentrated in the U.S., with $721 million leaving the market, CoinShares said.

Bitcoin fell more than 8% during the week, closing out Friday at $54,000 after having traded around $59,000 on Sept. 2.

The period saw a flurry of economic data out of the U.S., with all of the readings – including the widely watched nonfarm payrolls report – coming in weak.

While that raised the prospects of a 50 basis-point rate cut by the Federal Reserve this month, it did little to stir bitcoin bulls.

Spot bitcoin ETFs in the U.S. experienced net outflows every day, part of an eight-day losing streak.

That's the first time this has occurred since the funds began trading in January, according to Bloomberg.

This week, traders will be eyeing the U.S. release of August's Consumer Price Index (CPI) on Wednesday and Producer Price Index (PPI) on Thursday.

Before then, on Tuesday, Donald Trump goes head to head with Kamala Harris in the first debate between the presidential candidates ahead of November's election.

Read More: A 0.50% Fed Rate Cut Could Raise Alarm for Bitcoin, 10X Research Warns

Further Reading

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