Over the course of eight days, a large amount of money left Bitcoin exchange-traded funds (ETFs) based in the United States. From August 30 to September 6, investors took a lot of money out of the 11-spot Bitcoin ETFs. This was the longest stretch of losses since the funds started leaving the funds in January.
At the same time, Bitcoin’s price dropped sharply, from $64,668 on August 26 to $53,491 on September 7. That’s a 17.28% drop in just two weeks. Analysts say that Bitcoin’s bad showing in September, which is sometimes called “Rektember,” happens all the time. But they are still hoping for a comeback because Bitcoin’s price usually goes up in October, which is why it’s called “Uptober.”
Some investors are worried about the recent drop in the market, but financial experts still think Bitcoin has a lot of promise in the long run. Famous people like Suze Orman encourage people to own Bitcoin because they think that future buyers will have a big impact on its value. As younger buyers get richer, they may choose Bitcoin, which could cause its price to rise.
Also, 13 of the top 25 ETF releases by inflows were cryptocurrency-based. Ten of them were focused on Bitcoin, and three were on Ethereum. The iShares Ethereum Trust ETF was the seventh-biggest ETF launch of the year, with more than $1 billion raised in August. It was the biggest start of any Ethereum ETF.
Even though money is leaving the market and prices are going down, cryptocurrency exchange-traded funds (ETFs) are still strong competitors in the market. This shows that investors are still interested in them.
