Bitcoin ETFs See Largest Outflows in Six Weeks Amid Stagnant Market

The Bitcoin spot exchange-traded funds (ETFs) have seen their largest outflows in six weeks, reversing the strong start to August. The 13 US-listed funds pulled in a net $389.7 million less last week after attracting $853.5 million in the previous week.

This comes as Bitcoin's price remains stagnant around $63,000, down about 50% from its record high in October last year. Esme Pau, head of capital markets and policy at blockchain security firm CertiK, said the outflows reflect a 'subdued mood' in the market.

The risk of higher interest rates and lack of legislative progress on the proposed Clarity Act are keeping investors cautious. The Bitcoin implied volatility index is also low, below its average for the year and well under its peak in early February.