Bitcoin ETFs Suffer Largest Outflow Since June as Token Stagnates

Bitcoin (BTC) exchange-traded funds (ETFs) saw their largest outflows in six weeks as the token stagnated.

The 13 US-listed funds recorded a net $389.7 million drained in the week of Aug. 10, after pulling in $853.5 million the previous week, according to data compiled by Bloomberg.

This reversal comes on the heels of a strong start to August, which saw the largest weekly inflows for the funds since April.

The sudden outflow may be linked to renewed interest in safeguarding digital assets through traditional finance after a rare hack of brand cold wallets.