Bitcoin ETF Outflows Surge to $450 Million After CLARITY Act Setback

US spot Bitcoin exchange-traded funds (ETFs) recorded $450.4 million in net outflows on Tuesday as Bitcoin came under heavy selling pressure after the Senate’s failure to advance the CLARITY Act.

The outflows were a sharp reversal from Monday, when the funds attracted $159.9 million in net inflows. They were also the largest daily withdrawals since June 25, when spot Bitcoin ETFs lost $691.7 million, according to Farside Investors data.

Bitcoin ETF flows (Source: Farside Investors)

Fidelity’s Wise Origin Bitcoin Fund (FBTC) suffered the biggest withdrawals on Tuesday, with $214.8 million leaving the fund. BlackRock’s iShares Bitcoin Trust (IBIT) followed with $161.7 million in outflows.

Grayscale’s Bitcoin Trust ETF (GBTC) lost another $44.1 million, while ARK 21Shares Bitcoin ETF (ARKB) and Bitwise Bitcoin ETF (BITB) recorded $17.4 million and $12.4 million in outflows, respectively.

The ETF withdrawals coincided with a sharp deterioration in Bitcoin’s price over the past 24 hours.

Bitcoin was trading around $75,800 at press time, down roughly 1.9% over the past day. The cryptocurrency traded as high as $77,710 before falling to a 24-hour low of about $74,945.