On Tuesday, Bitcoin exchange-traded funds (ETFs) recorded a total of $288 million worth of outflows, according to data provided by Farside Investors. 

Fidelity’s FBTC alone recorded more than $162 million worth of outflows. 

Grayscale’s GBTC also suffered a staggering $50 million worth of outflows. 

Ark’s ARKB and Bitwise’s BITB are also in double-digit territory with $33.6 million and $25 million, respectively. 

As reported by U.Today, BlackRock’s Bitcoin ETF also recorded its second day of  negative flows since the debut of the ETF in early January. 

Earlier today, the price of the leading cryptocurrency collapsed below the $56,000 level. 

Former BitMEX CEO Arthur Hayes recently predicted that the cryptocurrency could potentially revisit the $50,000 level. 

“Bitcoin, at best, will chop around these levels and, at worst, slowly leak lower towards $50,000,” he wrote in a recent blog post. 

At the same time, he believes that altcoins scoops dive deeper “into the gutter,” meaning that Bitcoin market dominance is likely to increase. 

However, Hayes has stressed that his bearishness is only temporary. 

The U.S. Federal Reserve is expected to cut rates later this September.