Bitcoin ETFs Bleed $390 Million Amid Oil Price Surge

Bitcoin spot ETFs saw their biggest outflow in six weeks last week, shedding $389.71 million across five sessions from August 10 to 14.

This large withdrawal dragged the Bitcoin price down by about 3% from around $65,300 to $63,300 today, leaving it roughly 5% above $60,000.

However, investors are not yet convinced that this outflow marks a turning point for the cryptocurrency. Taran Dhillon, Head of Digital Assets at Kula, believes that investors are simply rotating their capital into other assets, such as U.S. equities and bonds.

This interpretation is supported by Strategy's recent selling of 6,948 coins this year, which has not prevented the company from buying more Bitcoin than it sells.