Spot bitcoin and ether ETF products collectively shed more than $520 million in outflows Wednesday, driven by rising Treasury yields that make risk assets less attractive to portfolio managers.
BlackRock's iShares Bitcoin Trust (IBIT) recorded approximately $144 million in net outflows on the day, following $161.7 million in redemptions the previous session. Other significant contributors to the selloff included Fidelity's FBTC with $214.8 million in outflows, alongside meaningful redemptions from Bitwise's BITB, ARK 21Shares' ARKB, and Grayscale's GBTC.
Total net outflows across U.S. spot bitcoin ETFs reached approximately $450.4 million on September 15 alone, representing the largest single-day redemption figure since June.
Market Context
The outflows reflect a broader market dynamic where climbing Treasury yields reduce the relative appeal of volatile assets. When government bond returns rise, portfolio managers rebalance holdings accordingly.
September's flow data shows mixed sentiment overall. Through mid-month, cumulative flows for the month were modestly positive at around $17 million, as inflow and outflow days largely offset each other. Earlier in September, the same group of funds pulled in $731 million in a single day.
IBIT's Market Position
Despite recent redemptions, IBIT remains the largest bitcoin ETF by assets, holding approximately $59 billion to $60 billion in net assets. The fund added more than $1 billion in bitcoin holdings over a recent 20-day accumulation period.
U.S. spot bitcoin ETFs have accumulated approximately $55 billion in cumulative net inflows since their January 2024 launch, following years of regulatory resistance before SEC approval established a structural shift in how traditional finance accesses bitcoin price exposure.
