Institutional Investors Drain Over $1B from Bitcoin and Ethereum ETFs

Institutional investors pulled $921.4 million from U.S. Bitcoin spot ETFs last week, marking the fifth consecutive week of outflows.

The latest withdrawals bring total outflows over this period to approximately $5.4 billion, with BlackRock's IBIT fund experiencing the heaviest exodus at $338.1 million.

Other notable Bitcoin ETFs like Fidelity's FBTC and Grayscale's GBTC reported net outflows of $307.4 million and $81 million respectively.

The market analysts note that 'the consistently high levels of withdrawals from the Bitcoin ETFs can be associated with the recent BTC market price correction.'

Ethereum ETFs also saw net outflows reaching $189.9 million last week, bringing total outflows to $645.08 million during this period.