Bitcoin ETFs Drain $389M in Largest Outflows Since June

Bitcoin ETFs recorded their largest outflows in six weeks last week, reversing the strong start to August. The 13 US-listed funds saw a net outflow of $389.7 million after pulling in $853.5 million the previous week.

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 inflows seen shortly after the Coldcard hack now appear to have been an aberration, with broader institutional sentiment remaining cautious, bordering on pessimistic.

The selling of ETFs comes as Bitcoin languishes around $63,000, down 50% from its record high reached in October last year. The risk of higher interest rates is keeping sentiment cautious while a lack of legislative progress in the US on the proposed Clarity Act is also pushing buyers to the sidelines.