Bitcoin ETFs Drain $389M as Price Stagnates at $63K

Bitcoin's price stagnation has led to a reversal in sentiment among institutional investors. The 13 US-listed Bitcoin exchange-traded funds (ETFs) saw their largest outflows since June, with $389.7 million drained last week.

This is a stark contrast to the previous week, when these funds pulled in $853.5 million. The initial inflows were seen after a hack of Coldcard-branded offline wallets, which renewed interest in traditional finance as a means of safeguarding digital assets.

According to Esme Pau, head of capital markets and policy at blockchain security firm CertiK, 'Last week's ETF net outflows reflect the subdued mood in the Bitcoin market.'

The current price of Bitcoin is around $63,000, down 50% from its record high reached last October. Higher interest rates and a lack of legislative progress on the proposed Clarity Act are contributing to the cautious sentiment among investors.