US Bitcoin ETFs lost $277 million in the past week amid the market downturn

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Outflows from U.S. spot Bitcoin exchange-traded funds (ETFs) hit $277 million last week as the crypto market faced downturns, with Bitcoin lingering below $60,000 and most altcoins continuing to fall .

According to data from Farside Investors, the group of US Bitcoin funds collectively attracted about $202 million in new investments on Monday, with BlackRock’s iShares Bitcoin Trust (IBIT) accounting for the majority of daily flows. On that day alone, IBIT recorded over $224 million in net equity.

After a strong start to the week, Bitcoin ETF spot flows turned negative on Tuesday and extended their losing streak into Friday.

The data shows that investors pulled about $480 million from the funds during this period. More than $175 million was withdrawn from US Bitcoin ETFs on Friday alone, the largest outflow since August 2nd.

Amid a week of market decline, BlackRock’s IBIT, a fund known for its consistent inflows, saw its second exit since launch. However, Monday’s strong flows allowed it to end the week with a net inflow of around $210 million.

Last week, Ark Invest/21Shares’ Bitcoin Fund ( ARKB ) and Grayscale’s Bitcoin ETF ( GBTC ) saw the largest net outflows among spot Bitcoin ETFs, with ARKB losing $220 million and GBTC $119 million.

During the same period, Bitcoin (BTC) fell by about 9%, from $64,500 on August 26 to $58,000 on August 30. The flagship crypto is currently trading at around $57,700, down 10% over the past week, according to TradingView data.

Bitcoin’s pullback dragged down the broader crypto market. Ethereum, Solana, Ripple and Dogecoin posted losses, with Dogecoin falling the most at 5.6%.

Global crypto market capitalization fell 2.4% to $2.1 trillion, according to CoinGecko. Most altcoins followed Bitcoin’s downtrend, with only four – Helium (HNT), Monero (XMR), Starknet (STRK) and Fetch.AI (FET) – showing gains over the past 24 hours.

Memecoins led the altcoin decline, with DOGS, BEAM, BRETT and Dogwifhat (WIF) posting the most significant losses.

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