Bitcoin Price Takes Hit as Spot ETF Outflows Reach $57.63 Million

Bitcoin's price is under pressure as spot exchange-traded fund (ETF) outflows reached $57.63 million on August 14, marking the third consecutive day of withdrawals.

The data from SoSoValue shows that U.S. spot Bitcoin ETFs recorded a net outflow of $51.79 billion after the session, with total trading value across the products reaching $1.06 billion during the day.

BlackRock's IBIT accounted for most of the daily withdrawals, recording $55.51 million in net outflows, equivalent to approximately 883.34 BTC.

In addition to Bitcoin ETFs, Ether ETFs also recorded zero net flows during the same session, indicating weaker institutional positioning.