Bitcoin Spot ETFs Post Largest Outflow Since June, $60K Still Within Reach

Bitcoin (BTC) spot ETFs saw their largest weekly outflow in six weeks, shedding nearly $390 million from August 10 to 14. This comes after these funds took in over $850 million the week before.

The outflow was led by Fidelity's FBTC with a withdrawal of $153.2 million, which accounts for 39% of the total lost. Seven separate ETFs posted withdrawals on August 13, including BlackRock's IBIT, which normally attracts money when other funds are bleeding.

Taran Dhillon, Head of Digital Assets at Kula, believes investors are cautious about putting fresh capital into crypto due to high Treasury yields and geopolitical uncertainty. He also notes that selling within the crypto market is adding pressure on Bitcoin.