Spot Bitcoin ETFs saw $1.2 billion pulled out over eight days, even though they grew in 2024. The 12 U.S. spot Bitcoin ETFs together lost this amount between August 30 and September 6. This marked the longest period of withdrawals since these spot Bitcoin ETFs were introduced in January. The withdrawals came as Bitcoin prices dropped, falling from $64,668 on August 26 to $53,491 on September 7, which is a 17.28% drop in two weeks. Experts point out that Bitcoin often performs poorly during September, which explains the recent drop in value.
The term “Rektember” is commonly used in the crypto market, as prices tend to fall sharply during September. This is compared to “Uptober,” when prices often recover in October. Early in September 2024, Bitcoin hit a two-week low, losing over 2% in value. Despite this, many experts believe Bitcoin could still rise. Suze Orman, a well-known financial expert, says everyone should own some Bitcoin. In a CNBC interview, Orman explained that as younger people earn more money, they will likely buy Bitcoin, and this could increase its price.
Related : Strong Bitcoin ETF Inflows Pushes Bitcoin To $61,000
More About The Spot Bitcoin ETFs Market
Even with the large withdrawals, crypto is still leading the ETF market. In 2024, the largest new ETF launches were all about Bitcoin. Out of 400 new ETFs launched this year, the top four were all spot Bitcoin ETFs, showing strong interest in these funds.
These included BlackRock’s iShares Bitcoin Trust (IBIT), Fidelity’s Wise Origin Bitcoin Fund (FBTC), the ARK 21Shares Bitcoin ETF (ARKB), and Bitwise’s Bitcoin ETF Trust (BITB). Despite the recent withdrawals, these Bitcoin ETFs remain popular in a crowded market.
You can also join our Telegram community where you can learn all you want to know about the cryptocurrency space, defi, web3, and airdrop opportunities and also have access to live AMA sessions from time to time, then click the button below to join Dipprofit Telegram Community For Free Now
Discover more from Dipprofit
Subscribe to get the latest posts sent to your email.
