US spot Bitcoin exchange-traded funds (ETFs) experienced a major downturn at the start of September, with approximately $288 million in net outflows

US spot Bitcoin exchange-traded funds (ETFs) encountered a major downturn at the beginning of September, with around $288 million in net outflows recorded on the first trading day following the Labor Day weekend, according to data from Farside Investors. These funds have now seen their fifth consecutive day of net outflows, collectively shedding over $750 million since last Tuesday.

After a post-Labor Day sell-off in the ETF market saw 8 out of 11 Bitcoin funds reporting negative performance, outflow king Grayscale's GBTC (NYSE: GBTC) ended Tuesday with over $50 million in net outflows. However, the spotlight was on Fidelity's FBTC (NYSE: FBTC) as the fund saw around $162 million withdrawn—its second-largest outflow since launch.

Other Bitcoin ETFs that contributed to the outflows were those operated by ARK Invest/21Shares, Bitwise, Franklin Templeton, VanEck, Valkyrie, and Invesco.

Meanwhile, the remaining funds, including BlackRock's IBIT (NYSE: IBIT), WisdomTree's BTCW (NYSE: BTCW), and Grayscale's BTC (NYSE: BTC), all reported zero flows.

Grayscale's GBTC nears $20 billion in net outflows

Total outflows from GBTC may soon cross the $20 billion mark, according to data from Farside Investors. The fund continues to see capital bleeding despite recent signs of a slowdown following months of massive selling.

The recent decline in Bitcoin's value has brought down Grayscale's assets under management to about $13 billion.

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