This is How Much Spot Bitcoin ETFs Lost Last Week

US spot Bitcoin exchange-traded funds (ETFs) have failed to impress recently as the 12 products experienced a staggering net outflow of $706 million last week (from September 3 to September 6, Eastern Time).

Longest Outflow Streak 

This significant weekly flow came after the funds saw outflow for eight consecutive trading days, totaling $1.2 billion. This outflow, which lasted from August 30 to September 6, marks the longest outflow streak seen in the funds since they went live on January 11.

According to data from SoSoValaue, Fidelity Wise Origin Bitcoin Fund (FBTC) suffered most losses, seeing a net outflow of $404 million during the week. This marks a significant shift in investors’ sentiment as FBTC has been one the top gainers amongst the 12 US ETFs during the first few weeks into trading.

Trailing FBTC in weekly outflow is Grayscale’s Bitcoin Trust (GBTC) with a negative flow of $160 million. This brings the fund’s net outflow since launch to a staggering $20 billion—the highest among its peers.

Zero Inflow

Surprisingly, none of the 12 US spot Bitcoin ETFs saw an inflow during the past trading week.

During their last recorded trading day, Friday, September 6, the funds experienced net outflows of $170 million. On that day, Grayscale’s GBTC outflowed $52.871 million, while Fidelity’s FBTC outflowed $85.52 million. Other notable losers include Bitwise Bitcoin ETF (BITB) and Grayscale Bitcoin Mini Trust (BTC), which experienced outflows of $14.30 million and $5.50 million, respectively.

With the latest performance, US spot Bitcoin ETF cumulative net inflow currently stands at $16.89 billion, down from $18 billion on August 26. Moreover, their net asset value (NAV) has fallen below $48.24 billion, representing 4.62% of bitcoin’s (BTC) market value.

The significant outflow from these funds has rubbed off on the price of bitcoin. According to data from CoinStats, BTC trades at $55,038 at press time, representing a 5.5% decline over the past week.