US Bitcoin ETFs face 7-day losing streak with $1 billion in outflows

US spot Bitcoin (CRYPTO:BTC) exchange-traded funds (ETFs) have experienced a challenging week, recording net outflows for seven consecutive trading days. 

From August 27 to September 5, these ETFs collectively saw more than $1 billion in capital withdrawals, according to data from Farside Investors. 

Fidelity’s Wise Origin Bitcoin Fund (FBTC) led the wave of outflows, losing approximately $374 million over the seven days. 

In contrast, Grayscale’s Bitcoin ETF (GBTC) reported $227 million in withdrawals during the same period. 

Meanwhile, BlackRock’s iShares Bitcoin Trust (IBIT), the world’s largest Bitcoin ETF, faced its second outflow since its launch in January, with investors pulling out $13.5 million on August 29. 

The fund reported zero flows on other days during this period, marking a shift from its prior consistent inflows. 

Other US Bitcoin ETFs, such as those managed by WisdomTree, also experienced losses, with no significant inflows to offset the capital exit. 

This extended period of outflows indicates a challenging environment for Bitcoin ETFs amid broader market concerns. 

Bitcoin's recent decline in price has been further pressured by these continuous outflows and rising fears in the global market. 

On Thursday, US Bitcoin funds saw a significant net outflow of $211 million, the fourth-largest daily outflow since May 1. 

The persistent selling pressure has kept Bitcoin's price below the crucial $65,000 resistance level, impacting short-term investors more heavily than long-term holders, who remain relatively profitable. 

The market sentiment remains bearish, with the fear and greed index stuck in the "fear" territory. 

Concerns about a potential recession and ongoing global market uncertainties are contributing to the negative outlook, presenting further challenges for Bitcoin ETFs and their investors.

At the time of reporting, the Bitcoin (BTC) price was $56,339.30.