Bitcoin (BTC) Price Rebounds Despite US Spot Bitcoin ETFs Seeing Second Consecutive Outflow Day

The largest crypto asset, Bitcoin, recovered from a Wednesday scare despite the US Bitcoin spot exchange-traded funds (ETFs) selling 1,782 BTC ($105 million).

US Bitcoin spot ETFs saw a net outflow of $105 million on Wednesday, snapping an eight-day streak of inflows as the world’s largest crypto asset recovered from a brief scare.

Bitcoin dropped below $58,000 on Wednesday but later recovered 2.8% to trade at $59,659 by 21:00 ET (01:00 GMT). The US Bitcoin spot ETFs sold 1,782 BTC ($105 million) as the token struggled to hold above $60,000.

The US ETFs saw their second successive outflow on Wednesday after a streak of eight days of inflows. Investors pulled out $105 million from the funds as Bitcoin’s struggle to break above $60,000 continued.

Ark Invest’s 21 Shares led outflows from the US ETFs for the second consecutive day. ARKB sold 1,003 BTC ($59.27 million) on Wednesday after selling 1,717 BTC ($102 million) on Tuesday. The issuer now has a cumulative net inflow of $2.37 billion and a net asset of $2.69 billion.

Fidelity’s FBTC and VanEck’s HODL had a similar outflow, selling 176 BTC ($10.37 million) and 171 BTC ($10.07 million), respectively. Both funds had zero flow on August 27, signaling a cautious play among investors.

The two Grayscale funds (GBTC and BTC) sold a combined 284 BTC ($16.75 million) yesterday. GBTC saw a net outflow of $7.98 million, while BTC sold assets worth $8.77 million.

notably, this was the Grayscale Mini Trust’s first outflow since it started trading on July 31. The fund, which had the lowest annual management fee, has seen a cumulative inflow of $348 million since its market debut

Bitwise’s BITB sold 147 BTC ($8.73 million) on Wednesday, while BlackRock recorded zero flows. August 28 was the second consecutive day that BlackRock, the leading asset manager by net asset, recorded zero flows.

Despite the outflow, US ETFs remain among the best-performing funds in the global market. After just eight months of trading, the Bitcoin products have seen a cumulative inflow of $17.85 billion and an asset under management (AUM) of $54.32 billion.

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