Bitcoin ETFs Post Biggest Outflow Since Late June, But Bulls Say BTC Doesn't Need CLARITY Act

Fidelity’s FBTC led with $214.8 million outflows, followed by BlackRock’s IBIT with $161.7 million.

• U.S. spot Bitcoin ETFs saw $450.3 million in net outflows, their biggest daily outflow since June 25.
• Fidelity and BlackRock made up about 84% of the day’s total outflows.
• The Senate failed to advance the CLARITY Act, but Bitcoin bulls said the bill isn't needed.

Bitcoin (BTC) struggled to push into $77,000 on Wednesday as U.S. spot Bitcoin exchange-traded funds (ETFs) saw their biggest daily outflow in nearly three months in the previous session. 

The selling came on the day the Senate failed to pass the Digital Asset Market Clarity Act, or the CLARITY Act.

According to SoSoValue data, the total net outflow stood at $450.3 million. Since losing $696.3 million on June 25, it was the biggest daily outflow on record and in the month of September. 

Fidelity, BlackRock Lead Outflows

The Fidelity Wise Origin Bitcoin Fund (FBTC) led the outflows. Investors pulled $214.8 million from it on Tuesday, data showed. BlackRock’s iShares Bitcoin Trust (IBIT) came next, with $161.7 million in net daily outflows. Together, the two firms made up about 84% of the day’s total.

Smaller funds saw outflows too. The Grayscale Bitcoin Trust ETF (GBTC) had $44.1 million in outflows. The ARK 21Shares Bitcoin ETF (ARKB) had 417.4 million in outflows, and the Bitwise Bitcoin ETF (BITB) had $12.4 million.