Bitcoin ETF Investors Flee Amid Escalating Global Tensions
Investors in U.S. spot Bitcoin exchange-traded funds (ETFs) have reversed course, pulling out over $385 million from the funds last week after a hot run at the beginning of August.
Data from Farside Investors shows that investors had been pouring fresh cash into the ETFs, bringing in more than $865 million in investment just the week before. This was their biggest inflows since April.
The price of Bitcoin remains flat, trading at around $64,066 over the past week and last 30 days, despite concerns over a delay in the crypto Clarity Act and a Coldcard hack on July 31 that saw cybercriminals steal over $115 in Bitcoin.
Investors initially seemed unfazed by these events, but tensions in the Middle East escalating again may have changed sentiment. BlackRock's iShares Bitcoin Trust and Fidelity's Wise Origin Bitcoin Fund experienced significant outflows last week, while Morgan Stanley's fund received net inflows.