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Spot BTC ETF outflows touch 4-month highs, price falls below $57k

spot-btc-etf-outflows-touch-4-month-highs-price-falls-below-57k
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Spot BTC ETF outflows touch 4-month highs, price falls below $57k

Spot Bitcoin exchange-traded funds in the United States witnessed a four-month-high net outflow on Tuesday, Aug. 3.

According to data provided by Farside Investors, the U.S.-based spot Bitcoin Bitcoinbtc2.67% Bitcoin ETFs saw $287.8 million in net outflows yesterday, continuing their five-day downward momentum. This amount of outflows has not been seen since May 1. 

Data shows that most of the outflows came from Fidelityโ€™s FBTC and Grayscaleโ€™s GBTC funds, worth $162.3 million and $50.4 million, respectively. 

Moreover, the ARK 21Shares ARKB and Bitwiseโ€™s BITB ETFs also recorded $33.6 million and $25 million in outflows, per Farside Investors. EZBC, HODL, BRRR and BTCO funds joined the bearish momentum with $8.4 million, $3.3 million, $2.5 million and $2.3 million in outflows, respectively.

The largest spot BTC fund with over $20.9 billion in total inflows, BlackRockโ€™s iShares Bitcoin Trust ETF, remained neutral along with BTCW and Grayscaleโ€™s mini BTC fund.

Bitcoin dropped 4.6% in the past 24 hours and is trading at $56,330 at the time of writing. The leading cryptocurrency briefly touched a one-month low of $55,670 earlier today. 

Spot BTC ETF outflows touch 4-month highs, price falls below $57k - 1
BTC price โ€“ Sept. 4 | Source: crypto.news

Spot Ethereum Ethereumeth0.32% Ethereum ETFs also remained bearish with a net outflow of $47.4 million on Aug. 3, according to Farside Investors. Grayscaleโ€™s ETHE saw $52.3 million in outflows while Fidelityโ€™s FETH recorded $4.9 million in inflows.

The remaining spot ETH funds stayed neutral.

Ethereumโ€™s price also declined by 5.5% over the past day and is changing hands at $2,370 at the time of writing.