Exchange-traded Bitcoin (BTC) exchange-traded funds (ETFs) on the US stock market had a tough day on Monday as growth concerns and selling pressure on Nvidia (NVDA) shares negatively impacted market sentiment.

According to Farside Investors data, 11 ETFs experienced a total net outflow of $287.8 million. This was recorded as the largest single-day outflow since May 1, when the funds suffered losses of over $500 million.

Fidelity's FBTC fund led these outflows with a withdrawal of $162.3 million. Grayscale's GBTC fund experienced an outflow of $50.4 million, while BITB and ARK suffered losses of $25 million and $33.6 million, respectively. Other funds made up the remaining outflow amount. BlackRock's IBIT fund closed with zero withdrawal for the second consecutive trading day.

Data from the USA has influenced

On Tuesday, Bitcoin's price fell more than 2.7% to $57,500, reversing the recovery seen on Monday. This decline followed the release of the US ISM manufacturing PMI data, which came in below 50, indicating continued contraction in activities in August. The data revived fears of economic slowdown and exerted pressure on risky assets, including cryptocurrencies.

Crypto OTC liquidity network Paradigm said, 'The lack in Manufacturing PMI triggered sales fears of economic slowdown led by a 9.54% decline in Nvidia.'

Bitcoin further declined in value on Wednesday morning, falling to $56,277.