Bitcoin ETFs experienced a significant outflow of $287.8 million on Tuesday, marking the largest daily withdrawal in four months, according to Farside Investors. The decline in BTC’s value was influenced by weak U.S. manufacturing data, which raised concerns about economic growth. This, coupled with a sell-off in Nvidia (NVDA), negatively affected market sentiment. Fidelity’s FBTC saw the highest outflow, amounting to $162.3 million, followed by Grayscale’s GBTC with $50.4 million. Bitcoin’s price dropped by 2.7% to $57,500 as a result of the contraction in manufacturing activity in August. This data reignited fears of an economic slowdown, causing a downturn in risk assets, including cryptocurrencies. At present, BTC is trading at $56,500, while S&P 500 futures are down 0.4%.
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Bitcoin ETFs Bleed $287M, Largest Daily Outflow in Four Months
