US Bitcoin ETFs bleed $288 million post-Labor Day

US Bitcoin ETFs experienced net outflows of $288 million following the Labor Day weekend, marking the fifth consecutive day of outflows. Fidelity’s FBTC saw its second-largest withdrawal since its inception, with around $162 million withdrawn. Grayscale’s GBTC, which has faced market challenges, recorded over $50 million in net outflows. Other Bitcoin ETFs managed by ARK Invest/21Shares, Bitwise, Franklin Templeton, VanEck, Valkyrie, and Invesco also experienced net outflows. Grayscale’s GBTC may soon exceed $20 billion in net outflows, and its assets under management have decreased to approximately $13 billion. Some of the outflows were driven by bankrupt crypto companies selling Grayscale’s Trust shares to repay creditors. BlackRock’s IBIT ETF has surpassed Grayscale to become the world’s largest Bitcoin ETF with nearly $21 billion in inflows since its launch.