US Spot Bitcoin ETFs’ Daily Inflows Reach $28.7M

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Since August 27, Bitcoin ETFs have been experiencing losses, but Monday saw the first day of net inflows in September. Traders have warned that September could be a bearish month for the leading cryptocurrency.

The outflows from ETFs suggest that there is not much new demand from professional investors. These outflows have brought net inflows since inception below $17 billion, which is similar to levels seen in July.

At the same time, the price of BTC has dropped by around 15% in the past two weeks and is currently 25% lower than its all-time high in March of $73,300. Despite this decline in price, some traders remain optimistic.

In a Telegram broadcast on Tuesday, QCP Capital traders stated:

“Even with all the short-term fluctuations and volatile price movements, we remain confident in the long-term outlook. The market seems to be taking advantage of this downward trend to increase their long-term bullish trades.”