- Bitcoin Prices and Their Impact on ETFs
- Analysis of the Term 'Rektember'
- New Crypto-ETF Launches in 2024
From August 30 to September 6, the 12 US-based spot Bitcoin ETFs recorded a net outflow of $1.2 billion, marking the longest outflow period since their listing in January.
Bitcoin Prices and Their Impact on ETFs
According to Bloomberg data, from August 30 to September 6, investors withdrew about $1.2 billion from the 12 listed spot Bitcoin ETFs. During this period, Bitcoin prices dropped from $64,668 on August 26 to $53,491 on September 7, representing a 17.28% decrease in just two weeks. Analysts note that historically, Bitcoin has shown poor performance in September.
Analysis of the Term 'Rektember'
The terms 'Rektember' and 'Uptober' are commonly used in the crypto community to describe how digital asset prices often decline in September and recover in October. At the beginning of September 2024, Bitcoin hit a two-week low, shedding more than 2% at the start of the month. Despite short-term dips, some experts still see potential for the digital asset to rise.
New Crypto-ETF Launches in 2024
Despite the outflows, cryptocurrencies dominated the ETF space in 2024. The four biggest ETF launches of 2024 include BlackRock’s iShares Bitcoin Trust (IBIT), Fidelity’s Wise Origin Bitcoin Fund (FBTC), ARK 21Shares Bitcoin ETF (ARKB), and Bitwise’s Bitcoin ETF Trust (BITB). Out of the top 25 ETF launches by inflows, 13 are related to crypto. There was also notable interest in Ethereum ETFs, with iShares Ethereum Trust ETF (ETHA) ranking as the seventh-largest ETF launch of 2024, surpassing the $1 billion mark in August.
US Bitcoin ETFs experienced significant outflows amid declining Bitcoin prices and historically poor performance in September. Despite this, cryptocurrency ETFs continue to dominate new launches, indicating high investor interest.
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