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Cryptocurrency News Articles
Bitcoin ETFs See Longest Outflow Streak as Investors Retreat From Risk
Sep 09, 2024 at 10:05 pm
Investors pulled close to $1.2 billion in total from the group of 12 ETFs over the eight days through Sept. 6, data compiled by Bloomberg show.
Investors pulled close to $1.2 billion in total from the group of 12 ETFs over the eight days through Sept. 6, data compiled by Bloomberg show. The drop comes amid a rocky period for shares and commodities on economic growth worries.
The outflows mark the longest stretch of daily net redemptions for the US Bitcoin ETFs since they began listing at the start of the year. The funds, which invest directly in the original cryptocurrency, debuted in January with much fanfare.
Unexpectedly strong demand for the funds helped to drive the token to a record high of $73,798 in March. The inflows subsequently moderated and Bitcoin’s year-to-date rally has cooled to about 30%.
Investors are now pulling money out of the ETFs as Bitcoin’s advance stalls and the broader market mood turns more risk-averse. Mixed US jobs data and deflationary pressure in China are both taking a toll on traders.
The uncertainty is buffeting the cryptocurrency market, whose gyrations have become more closely tied to moves in stocks based on a rising short-term correlation between the two.
Bitcoin has struggled in September, posting a loss of approximately 7%. But the largest digital asset eked out modest gains over the weekend and climbed roughly 2.4% to $55,682 as of 10 a.m. on Monday in New York.
Hedging for Debate
“The small relief rally seems to be driven in part by some prominent influencers closing out their shorts,” said Sean McNulty, director of trading at liquidity provider Arbelos Markets. He cited as an example a recent social media post from Arthur Hayes, co-founder of the BitMEX trading platform.
An improved showing by Donald Trump, the pro-crypto Republican nominee for the US presidential election, in polls and prediction markets may also be playing a role, McNulty said. He reported greater demand for options hedges in case Tuesday’s debate between Trump and Democratic nominee Vice President Kamala Harris stirs volatility. Harris has yet to detail her stance on crypto.
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