Bitcoin ETFs Drain $389.7 Million as Token Stagnates

Spot Bitcoin exchange-traded funds (ETFs) experienced their largest outflows in six weeks, according to data compiled by Bloomberg. The 13 US-listed funds saw a net $389.7 million drained in the week of Aug. 10, after pulling in $853.5 million the previous week.

This reversal comes on the heels of a strong start to August, which marked the largest weekly inflows for the funds since April. The spike in interest was largely due to a rare hack of a brand of cold wallets that renewed interest in safeguarding digital assets through traditional finance.