Bitcoin ETFs Reversal Sees Half Billion Dollars in Outflows
US Bitcoin exchange-traded funds (ETFs) experienced a reversal of sentiment last week, shedding nearly half a billion dollars in assets under management. The outflows occurred on Thursday and Friday, with BlackRock's iShares Bitcoin Trust handling most of the trading action.
The funds had seen a seven-day winning streak, taking in $999.3 million from July 14-22. However, investors cashed out of these investment products, redeeming about $475 million. The price of Bitcoin subsequently dipped but remains unmoved over a seven-day period, standing at $64,544.
Year-to-date, Bitcoin is down over 26% and has shed nearly 50% of its value since reaching a record high in October. Despite this, Morgan Stanley's Bitcoin Trust saw inflows of nearly $9 million, bringing its total assets under management to around $400 million.