Spot Bitcoin ETFs Experience $462 Million in Outflows Amid Fed Rate Hike Speculation
US spot Bitcoin ETFs had a challenging week, with net outflows reaching around $462.7 million between September 8 and 11. This downturn is particularly striking as it follows a week where nearly $987 million flowed into these funds, including a substantial single-day inflow of about $730.9 million on September 3.
The outflows were largely attributed to growing concerns regarding an anticipated 25-basis-point rate hike by the Federal Reserve at the upcoming FOMC meeting on September 16. This speculation has prompted institutional investors to withdraw from riskier assets, including Bitcoin.
September 10 marked the peak of the outflows, with $282.6 million exiting spot Bitcoin ETFs in a single day. ARK 21Shares’ ARKB was hit hardest, accounting for approximately $164.3 million of that total. Other notable products experiencing redemptions included Grayscale’s GBTC, BlackRock’s IBIT, and Fidelity’s FBTC.
As a result of these outflows, Bitcoin's price also saw a decline, dropping from around $77,362 to approximately $76,816 during the same period.
Despite this week's significant outflows, the overall picture for spot Bitcoin ETFs remains robust, with cumulative net inflows since their launch in January 2024 surpassing $55 billion. Total assets under management across these funds vary between $97 billion and $148 billion, indicating that the recent outflows, while notable, represent less than 1% of total AUM even on the conservative end of estimates.
Updated 07:00 UTC
New Insights on Bitcoin Open Interest
Bitcoin's open interest has seen a significant decline of approximately 14% as traders shift towards spot trading, reflecting a broader trend of deleveraging in the derivatives market throughout 2026.
This decrease in open interest (OI) has been characterized by orderly unwinds rather than panic-driven liquidations, with OI contractions ranging from 11% to 19.5% in various episodes.
A notable drop occurred on September 12, when Bitcoin futures OI fell by around 13,600 BTC in just 24 hours, amounting to approximately $1.05 billion in notional value.
Earlier in the year, OI decreased from about 381,000 BTC to 314,000 BTC, marking a nearly 17.5% drop following all-time high corrections.
Binance currently holds about 36% to 37% of total Bitcoin open interest, indicating its importance in gauging the derivatives market's sentiment.
These OI contractions suggest a conscious market shift towards spot trading, as reduced leverage minimizes the risk of forced liquidations during price fluctuations.
The pattern of deleveraging before key economic events, followed by re-leveraging, has been observed multiple times this year, particularly around macroeconomic data releases and Federal Reserve decisions.
FAQ
What caused the recent outflows from US spot Bitcoin ETFs?
The recent outflows, totaling around $462.7 million, were largely attributed to growing concerns about an anticipated 25-basis-point rate hike by the Federal Reserve at the upcoming FOMC meeting on September 16, prompting institutional investors to withdraw from riskier assets like Bitcoin.
How much money flowed into spot Bitcoin ETFs prior to the recent outflows?
Prior to the recent outflows, nearly $987 million flowed into spot Bitcoin ETFs, including a significant single-day inflow of about $730.9 million on September 3.
Which spot Bitcoin ETF experienced the largest outflow?
ARK 21Shares’ ARKB experienced the largest outflow, accounting for approximately $164.3 million of the total outflows during the week.
What was the impact of the outflows on Bitcoin's price?
As a result of the outflows from spot Bitcoin ETFs, Bitcoin's price declined from around $77,362 to approximately $76,816 during the same period.
What is the overall status of spot Bitcoin ETFs despite the recent outflows?
Despite the significant outflows, the overall picture for spot Bitcoin ETFs remains robust, with cumulative net inflows since their launch in January 2024 surpassing $55 billion, and total assets under management ranging between $97 billion and $148 billion.
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