Investors withdrew approximately $1.2 billion from spot Bitcoin ETFs between August 30 and September 6, coinciding with a challenging start to September for Bitcoin. Over eight days, the funds were pulled from eleven different U.S. spot Bitcoin exchange-traded funds, marking the largest outflow since their launch on January 10, according to Bloomberg data released on September 9.
Bitcoin’s price dropped by 17.28%, falling from $64,668 on August 26 to $53,491 by September 7. Analysts noted that September is typically a poor month for Bitcoin, often followed by a recovery in October, leading to the popular terms “Rektember” and “Uptober” in the cryptocurrency community. Despite the early month drop, Bitcoin was trading at $55,400 as of the latest data from CMC, and experts see potential for an upside.
Despite these temporary declines, financial advisor Suze Orman continues to advocate for Bitcoin ownership, especially among younger generations, who she believes will drive the future of cryptocurrency. In an interview with CNBC, Orman predicted that Bitcoin’s price would rise as more young people invest with increasing disposable income. While 400 new ETFs were introduced in 2024, cryptocurrency still outperformed them all.
