Bitcoin ETFs Record Largest Outflows Since June as CLARITY Act Fails
Bitcoin ETFs see largest outflows since June
Spot Bitcoin exchange-traded funds (ETFs), which are investment products that hold Bitcoin and trade on stock markets, recorded their biggest single-day withdrawal since late June on Tuesday. The 13 US-listed funds saw a net outflow of $450.4 million.
This occurred as Bitcoin's price dropped 2.5% and the CLARITY Act, a major crypto bill, failed to advance in the U.S. Senate.
Key figures from the outflows
- Total outflows reached $450.4 million, compared to inflows of $159.9 million the previous day.
- Fidelity's FBTC fund had the largest outflows at $214.8 million.
- BlackRock's iShares Bitcoin Trust saw $161.7 million withdrawn.
- Grayscale's Bitcoin Trust ETF (GBTC) lost $44.1 million.
- Smaller outflows occurred in ARK 21Shares Bitcoin ETF (ARKB) and Bitwise Bitcoin ETF (BITB).
What the Farside data confirms
Data from Farside, a provider of ETF flow information, shows these figures. It marks the largest outflow since June 24, when Bitcoin ETFs lost $469 million during a broader market sell-off.
Link to price drop and regulatory event
The outflows coincided with a decline in Bitcoin's price to around $75,700. The source notes that the withdrawal happened alongside the failure of the CLARITY Act in the Senate, which is legislation aimed at providing regulatory clarity for crypto.
