Bitcoin exchange-traded funds (ETFs) had a rough start to the week as concerns about economic growth and a major sell-off in tech giant Nvidia impacted market sentiment. On Monday, 11 U.S.-listed spot bitcoin ETFs saw a combined net outflow of $287.8 million, the largest single-day loss since May 1, when they lost over $500 million.
Leading the outflows was Fidelity’s FBTC, which saw $162.3 million in withdrawals. Grayscale’s GBTC followed with an outflow of $50.4 million, while BITB and ARK lost $25 million and $33.6 million, respectively. BlackRock’s IBIT recorded no inflows for the second consecutive trading day.
The sell-off also hit Bitcoin’s price, which dropped over 2.7% to $57,500 on Tuesday, reversing Monday’s slight recovery. The decline followed the release of the U.S. ISM manufacturing PMI, which came in below 50, signaling a continued slowdown in manufacturing activity in August. This data reignited fears of an economic downturn, putting pressure on riskier assets like cryptocurrencies.
“Nvidia’s significant 9.54% drop was a key factor in the broader market sell-off,” noted crypto OTC liquidity network Paradigm in a Telegram update.
As of now, Bitcoin is trading at $56,500, continuing to extend its losses. Meanwhile, futures tied to the S&P 500 are down 0.4%, reflecting ongoing market caution.
