BTC/USD: Bitcoin Price Wobbles at $57,000 as BTC ETFs Shed $325 Million in Two Days

September is off to a bad start for crypto assets as traders await new catalyst to stir deals and spark a rally.

• Bitcoin prices BTCUSD were little changed to kick off Thursday trading after a Wednesday dip to $55,600 was quickly scooped up by bargain hunters. Earlier today, a single Bitcoin was going for $57,000 to $57,300 with no big events to shake up the crypto landscape and flare up excitement for the novel industry. And with this, ordinary investors and institutional money managers fled the exchange-traded funds that hold genuine Bitcoin.
• A total of 11 spot BTC ETFs shed more than $325 million as net outflows for the past couple trading days (with Labor Day being an off day), marking one of its worst two-day stretches in recent months. Fidelity’s BTC ETF FBTC was smacked the hardest with over $170 million worth of Bitcoin wiped out. Next in line was Grayscale’s GBTC with about $84 million leaving its portfolio. Cathie Wood’s ARK lost $33 million.
• Ethereum ETFs, a total of nine recently launched investment vehicles with genuine ETH, weren’t doing much better either. Most of the asset managers behind these spot ETH ETFs didn’t do any buying or selling of Ether this week. Grayscale, however, lost more than $90 million, dragging the collective performance since inception to a drawdown of $2.65 billion. Fair enough, all other eight ETF issuers are in the green with positive net new money performance since launch.