Bitcoin ETFs Lose Their Biggest Daily Flow in Four Months

US-listed spot bitcoin (BTC) exchange-traded funds (ETFs) are having a tough day as growth concerns and a sell-off in Nvidia (NVDA) dampen market sentiment.

According to data tracked by Farside Investors, the 11 listed ETFs recorded $287.8 million in net outflows, the biggest single-day outflow since May 1, when funds witnessed an outflow of over $500 million in assets.

Fidelity’s FBTC led the outflows with $162.3 million. Grayscale’s GBTC posted $50.4 million, while BITB and ARK posted $25 million and $33.6 million respectively. BlackRock’s IBIT was neutral for the second day in a row.

Bitcoin’s price fell more than 2.7% yesterday to $57,500, reversing Monday’s jump. The losses came after the US ISM manufacturing PMI came in below 50. The data showed activity continued to contract in August, raising concerns about the growth of risk assets, including crypto assets.

At press time, BTC is trading around $56,500, while futures tied to the S&P 500 are down 0.4%.