The 13 U.S.-listed spot Bitcoin ETFs saw $450.4 million in net outflows on Tuesday (Sept. 15), according to data from Farside Investors. A level rarely reached in recent months. That same day, the U.S. Senate failed to muster the 60 votes needed to advance the CLARITY Act.
In brief
- Fidelity saw $214.8M in outflows with FBTC, compared to $161.7M for BlackRock’s IBIT and $44.1M for Grayscale’s GBTC.
- However, the ETFs ended Monday with a positive balance of $159.9 million.
- The Federal Reserve’s monetary policy decision is expected today, Wednesday, September 16.
The vote on the CLARITY Act comes in an already tense session
A spot Bitcoin ETF holds bitcoin directly in order to track its price, rather than using derivatives. Since their launch in the United States in January 2024, these funds have become an important way for institutional investors to gain exposure to BTC.
The CLARITY Act was intended in particular to clarify the sharing of powers between American regulators and give more responsibilities to the CFTC. The text did not pass the procedural stage on Tuesday: 49 senators voted for and 50 against, while 60 votes were necessary, according to NPR.
However, it remains difficult to directly attribute ETF outflows to the Senate vote. Bitcoin also fell during the session, which probably weighed on investor behavior.
Fidelity and BlackRock concentrate most of the outflows
With $214.8 million in outflows, Fidelity’s FBTC represents almost half of the amount recorded on Tuesday. BlackRock’s IBIT follows with 161.7 million. Together, the two funds account for 83.6% of the day’s outflows.
Grayscale’s GBTC comes next with $44.1 million, ahead of ARK 21Shares with $17.4 million and Bitwise with $12.4 million.
These figures come when bitcoin was already operating under pressure. Cointelegraph reported BTC around $75,700, down 2.5% over 24 hours. For its part, CoinGecko posted $75,846, a decline of 1.6% over 24 hours, at the time of writing this article.
Investors are now waiting for the Fed
Tuesday’s session weighed heavily on September flows. Between September 8 and 15, ETFs showed a negative balance of $753.2 million. Since the start of the month, the balance remains slightly positive, at 16.8 million.
The next important meeting is now that of the Federal Reserve. Its monetary policy committee meets on September 15 and 16, according to the official Fed calendar. The decision is expected today.
A possible drop in rates could change investor behavior on risky assets, but it does not change the timetable for the CLARITY Act. The text could, however, return to the table, Republican Senator Thom Tillis having tabled a motion aimed at representing it after Tuesday’s vote, presented as decisive for crypto regulation.
For Bitcoin ETFs, the next data to monitor will therefore be that of Wednesday flows, after the Fed’s decision. The crypto market has already reacted to the failure of the CLARITY Act.
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