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Bitcoin ETFs saw $475 million in redemptions over two sessions
The outflows ended a seven-day winning streak after inflows of about $999.3 million from July 14-22, with Bitcoin last cited around $64,544.
Bitcoin exchange-traded funds saw sharp outflows at the end of last week, according to data cited by Bitcoin Magazine. Farside Investors data showed more than $475 million was redeemed during trading hours on Thursday and Friday, reversing a streak in which the funds had added close to $1 billion in new cash.
BlackRock’s iShares Bitcoin Trust handled most of the trading action during the outflow period, the outlet said. It also noted that ETF risk appetite appeared to be back earlier in the month, with inflows of $999.3 million over the seven-day period from July 14-22.
The report linked the ETF cash flows to short-term price pressure, saying the inflows had put upward pressure on Bitcoin before the outflows drove a dip. Even after the redemptions, Bitcoin was described as largely unmoved over the seven-day span, with a recent reference price of $64,544.
Bitcoin Magazine also pointed to ETF momentum in spite of the broader redemptions, citing that Morgan Stanley’s Bitcoin Trust recorded inflows of nearly $9 million Thursday and Friday. The outlet said the fund, which debuted in April, has close to $400 million in assets under management, while it flagged uncertainty around the war in the Middle East and rising oil prices as potential headwinds to a broader rebound, citing comments from CoinShares.
Latest closeBitcoin $64,707.49 ▼1.0%