US Investors Reverses Course, Pulling Over $385 Million from Spot Bitcoin ETFs
Investors have reversed their trend of buying into spot Bitcoin exchange-traded funds (ETFs) in the US, pulling out more than $385 million from these funds last week.
This comes after a week where these funds had seen their largest inflows since April, with over $865 million being invested. The recent pullout was led by BlackRock's iShares Bitcoin Trust and Fidelity's Wise Origin Bitcoin Fund, while Morgan Stanley's fund saw net inflows.
The price of Bitcoin remains relatively stable, trading flat at around $64,066 over the past week and month despite various headwinds such as escalating US-Iran tensions and rising oil prices. However, NYDIG had warned of a potential cycle low near $38k-$39k based on historical drawdowns.
Bitcoin investors initially showed resilience to negative news such as the Coldcard security breach in July but may be feeling the effects of these macroeconomic headwinds.