Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.
The 11 U.S.-listed spot ETFs saw $287.8 million worth of outflows on Tuesday, according to Farside Investors.exchange-traded funds had a rough day on Monday as growth concerns and a sell-off in Nvidia dented market sentiment.
The 11 ETFs registered a cumulative net outflow of $287.8 million, the largest single-day tally since May 1, when the funds bled over $500 million, according to data tracked by Fidelity's FBTC led the outflows, registering $162.3 million in withdrawals. Grayscale's GBTC registered an outflow of $50.4 million and BITB and ARK lost $25 million and $33.6 million, respectively, with others accounting for the rest of the cumulative outflow. BlackRock's IBIT drew zero for the second straight trading day.
Bitcoin's price fell over 2.7% to $57,500 on Tuesday, reversing Monday's bounce. The losses came after the U.S. ISM manufacturing PMI printed below 50, indicating a continued contraction in the activity in August. The data revived growth fears, weighing over risk assets, including cryptocurrencies. "A miss in the manufacturing PMI rehashed fears of an economic slowdown, with Nvidia leading the sell-off, losing 9.54%," crypto OTC liquidity network Paradigm said in a Telegram broadcast.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.
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