US Bitcoin ETFs see eight day run of net outflows
US Bitcoin ETFs (exchange-traded funds) saw their longest run yet of net outflows the other week according to data from Bloomberg.
ETFs are bought and sold like traditional stocks and Bitcoin is one of the most well known cryptocurrencies.
ReadWrite previously reported that Bitcoin dropped 4.8 percent in 24 hours on September 6. The cryptocurrency was trading under $53,400, with almost $45 billion changing hands during that period.
Data shows this year’s Bitcoin EFTs outflows
The Bloomberg data shows that outflows continued for a record eight consecutive days up until September 6 where Bitcoin ETFs lost almost $1.2 billion from investors during those days.
This is the longest run of outflows since US Bitcoin ETFs crypto investments began in January this year. The token peaked back in March with a record value of $73,798. This has since levelled out and it normally sits around the $53,000 to $57,000 range.
This late August to early September dip was also seen in the traditional markets across the globe. China’s deflation risk is growing, causing investors’ concerns to bleed into their digital assets too.
The cryptocurrency is up again after the weekend however, with it coming back above the $57k mark on Monday, September 9. Net inflows reached $28.6 million yesterday, finally breaking that eight day streak.
US Securities and Exchange Commission also released a statement yesterday warning people about the risks of investing in Bitcoin and Ether crypto products, including ETFs. It urges them to consider their own risk tolerance, the potential losses and sponsor fees.
Analysis from last month suggested that Bitcoin could see benefits if pro-crypto Republican Donald Trump wins this year’s US presidential election. His opponent, Democrat Kamala Harris has not yet declared a stance on cryptocurrency.
However, a week ago key crypto figures revealed that they were going to raise $100,000 for the Harris campaign. They hope to influence her thoughts on the subject.
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