U.S. spot Bitcoin ETFs have turned net outflows for two consecutive trading days, with total outflows exceeding $147 million. Previously, these products had attracted significant capital inflows in early September, but the latest data suggests a short-term cooling in institutional interest. Meanwhile, Bitcoin has been trading around $80,000, as the market awaits the Federal Reserve’s latest interest rate decision.
After strong inflows in early September, momentum weakened.
Industry fund flow data shows that U.S. spot Bitcoin ETFs experienced a net outflow of $46.65 million on September 8, which widened to $100.7 million on September 9, resulting in a combined two-day outflow exceeding $147 million.
In early September, this type of product experienced a noticeable rebound. On September 3 alone, U.S. spot Bitcoin ETFs attracted approximately $731 million in net inflows. At the time, Bitcoin’s price rebounded above $80,000, and market expectations for monetary policy and the cryptocurrency regulatory environment improved temporarily.
However, after the long weekend, capital flows began to weaken. Despite two consecutive days of redemptions, data from the on-chain analytics platform Onchain Lens shows that U.S. spot Bitcoin ETFs have still accumulated a net inflow of approximately $622.7 million since September, indicating that overall capital trends for the month have not turned negative.
GBTC outflows rank among the highest
Looking at individual products, Grayscale’s GBTC was one of the primary sources of outflows during this period, with daily outflows of approximately $65.5 million. Fidelity’s FBTC and Invesco’s BTCO also recorded fund outflows.
However, certain products still experienced capital inflows, providing some offset to overall redemptions. BlackRock’s IBIT attracted approximately $10.7 million in net inflows in a single day, while Bitwise’s BITB recorded approximately $14.5 million in inflows.
- Net outflow on September 8: $46.65 million
- Net outflow on September 9: $100.7 million
- Cumulative net inflow since September: approximately $622.7 million
Bitcoin is facing pressure near $80,000.
On the price front, Bitcoin briefly dropped below the key psychological level of $80,000 this week, before continuing to fluctuate around that level. The market is currently focusing more on the upcoming Federal Reserve monetary policy decision, with investor caution on the rise.
In addition to interest rate expectations, rising U.S. Treasury yields and higher oil prices are increasing market volatility. The report noted that Brent crude rose above $100 per barrel on Wednesday, fueling inflation concerns and adding further pressure on risk assets.
Overall, although U.S. spot Bitcoin ETFs have experienced consecutive net outflows in the short term, net inflows have still been maintained since September, and institutional demand has not undergone a comprehensive reversal.