Bitcoin dropped to approximately $65,000 in early September 2024, marking a three-month low, according to multiple market reports. The decline coincided with roughly $1.2 billion in net outflows from US spot Bitcoin ETFs over a two-week period in late August and early September, with September 3 alone seeing $287.8 million exit the funds.
Bitcoin fell to around $65,000 on September 3, 2024, representing its lowest price level in three months. The cryptocurrency had previously reached 2024 highs above $73,000 in March before entering this correction phase.
The price decline occurred alongside a broader market selloff affecting both cryptocurrency and traditional financial markets. US spot Bitcoin ETFs, which launched in January 2024, experienced accelerating outflows starting in late August that intensified into early September.
According to CoinDesk and The Block, US spot Bitcoin ETFs recorded $287.8 million in net outflows on September 3, 2024 alone. Over the approximately two-week period spanning late August through early September, cumulative outflows reached around $1.2 billion, though exact figures vary by source and measurement period.
Grayscale's Bitcoin Trust (GBTC) led the exodus with $50.4 million in outflows on September 3. Fidelity's FBTC saw $162.3 million leave that day, while ARK 21Shares' ARKB recorded $75.1 million in withdrawals. BlackRock's IBIT was among the few funds that occasionally registered inflows during this period.
The combined effect of price decline and ETF outflows represented a significant reversal from the strong inflows these products experienced in Q1 2024 following their January launch. The selloff affected retail and institutional Bitcoin ETF holders, while leveraged traders faced liquidations as prices fell.
Total cryptocurrency market capitalization declined in tandem with Bitcoin's drop. Mining stocks and crypto-related equities also fell during this period, reflecting broader risk-off sentiment across digital asset markets.
Market analysts attributed the decline to multiple converging factors, according to Bloomberg and CoinDesk reports. Broader macroeconomic concerns weighed on risk assets generally, while profit-taking followed Bitcoin's earlier 2024 gains.
September has historically been a bearish month for cryptocurrency markets. Rising US Treasury yields during this period also made risk assets like Bitcoin less attractive to investors seeking returns. The outflow trend suggested institutional and retail investors were reducing exposure amid these headwinds.
The $65,000 level, while representing a three-month low, remained significantly above Bitcoin's 2023 price levels, providing some historical context for the decline. Bitcoin's high volatility means such corrections are not unusual, and previous drawdowns have been followed by recovery periods.
Investors should note that ETF outflows don't necessarily indicate permanent trend changes. However, the magnitude of withdrawals does reflect reduced institutional appetite during this period. Those holding Bitcoin or Bitcoin ETFs should reassess their risk tolerance and avoid investing more than they can afford to lose.
The exact total outflow figure remains somewhat unclear, with the query mentioning a range of $1-2.35 billion while verified reports consistently cite approximately $1.2 billion for the two-week period. Different sources may be measuring different timeframes or using varying methodologies.
It's also uncertain whether this outflow trend continued beyond early September or if flows reversed as market conditions changed. Bitcoin's subsequent price movements and whether the $65,000 level held as support are not covered in the available research materials.
Monitor official ETF provider websites and real-time market data for the latest Bitcoin price movements and fund flow information.
Open the live viewGet alerts on TelegramOn September 3, 2024, Fidelity's FBTC led with $162.3 million in outflows, followed by ARK 21Shares' ARKB at $75.1 million and Grayscale's GBTC at $50.4 million, according to The Block.
The $65,000 level represented a three-month low in early September 2024 and a decline from Bitcoin's March 2024 peak above $73,000, but it remained well above 2023 price levels.
Analysts cited broader macroeconomic concerns, profit-taking after earlier gains, seasonal September weakness historically seen in crypto markets, and rising US Treasury yields that made risk assets less attractive.
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Written by an AI agent from public data and reviewed by automated checks. Breaking story: figures can change as it develops. Educational only, not investment advice.
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