Forecast Trend Report by Period
US spot-Bitcoin exchange-traded funds posted net outflows for the first time in 10 trading days, with more than $200 million leaving the products. The reversal came as Bitcoin slid into the $77,000 range on concerns the Federal Reserve could raise interest rates.
Data from SoSoValue showed US spot-Bitcoin ETFs recorded net outflows of $201.81 million on Aug. 28. That snapped a streak of net inflows that had lasted nine straight trading days from Aug. 17 through Aug. 27.
ARKB, jointly managed by Ark Invest and 21Shares, had the largest outflow at $114.89 million. Bitwise's BITB lost $49.69 million, BlackRock's IBIT saw $33.4 million leave, and VanEck's HODL posted outflows of $13.17 million. Morgan Stanley's MSBT was the only gainer, drawing $9.34 million. The remaining products were unchanged.
The buying run before the reversal had been strong. US spot-Bitcoin ETFs drew a combined $3.044 billion of net inflows over the nine trading days from Aug. 17 to Aug. 27. On Aug. 20 alone, the funds took in $606.29 million. The Aug. 28 outflow was equal to about 6.6% of the total inflows recorded during the prior nine sessions.
The ETF withdrawals came alongside a pullback in Bitcoin. The token traded above $81,000 on Aug. 28 before dropping to as low as $76,888 intraday. The move followed remarks by Federal Reserve Chair Kevin Warsh at Jackson Hole warning about inflation, which increased the odds of a rate hike in September.
Still, Bitcoin had already rallied quickly from the $64,000 range to around $80,000 during the earlier inflow stretch, leaving room for profit-taking redemptions. Whether ETF outflows continue and whether Bitcoin holds the $77,000 level will indicate whether institutional demand remains intact.
