Bitcoin managed a recovery on Wednesday despite a significant sell-off by U.S. Bitcoin spot exchange-traded funds (ETFs). These funds saw a net outflow of $105 million, equivalent to 1,782 BTC, marking their second consecutive day of outflows.
Following a dip below $58,000, Bitcoin rebounded with a 2.8% increase, trading at $59,659. This recovery comes amidst ongoing challenges for Bitcoin to maintain levels above $60,000.
Ark Invest Leads ETF Outflows
Ark Invest’s 21 Shares fund was the largest contributor to the outflows, selling 1,003 BTC ($59.27 million) on Wednesday, following a sale of 1,717 BTC ($102 million) the previous day. Despite these sales, Ark Invest maintains a cumulative net inflow of $2.37 billion, with a total net asset value of $2.69 billion.
Other notable funds also reported outflows. Fidelity’s FBTC and VanEck’s HODL sold 176 BTC ($10.37 million) and 171 BTC ($10.07 million), respectively. Both funds had no flows on August 27, suggesting a cautious approach from investors.
Grayscale’s two funds, GBTC and BTC, sold a combined 284 BTC ($16.75 million) on Wednesday. GBTC experienced a net outflow of $7.98 million, while BTC saw asset sales worth $8.77 million. Notably, the Grayscale Mini Trust experienced its first outflow since its launch on July 31. Despite this, the fund, which boasts the lowest annual management fee, has accumulated $348 million in inflows since its debut.
Bitwise’s BITB sold 147 BTC ($8.73 million) on Wednesday, while BlackRock recorded no flows. This marks the second consecutive day of zero flows for BlackRock, a leading asset manager by net assets.
Performance of U.S. Bitcoin ETFs
Despite the recent outflows, U.S. Bitcoin ETFs continue to perform strongly on the global stage. In just eight months of trading, these products have achieved a cumulative inflow of $17.85 billion and manage assets totaling $54.32 billion.
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