Bitcoin ETFs Suffer Largest Outflow in Six Weeks Amid Price Stagnation

Bitcoin exchange-traded funds (ETFs) saw their largest outflow in six weeks, with $389.7 million draining from the 13 US-listed funds last week.

This reverses a strong start to August, when the funds saw their largest weekly inflows since April, with $853.5 million pouring in.

The outflows come as Bitcoin's price stagnates around $63,000, down 50% from its record high reached in October last year.

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.'