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Spot Bitcoin ETF outflows top $385 million as sentiment turns
Outflows reversed after early August inflows of more than $865 million in the prior week, even as Bitcoin held around $64,066.
American investors reversed course on spot Bitcoin exchange traded funds, cashing out after a strong run earlier in August, according to data cited by Bitcoin Magazine. Farside Investors data shows investors pulled more than $385 million from U.S. spot Bitcoin ETFs last week.
The turnaround followed a week before when the funds saw fresh cash every day, totaling over $865 million, their biggest inflows since April. Bitcoin’s price remained comparatively steady over the same period, trading recently around $64,066 with little movement over the past week and month.
Bitcoin Magazine also tied the sentiment shift to a different mix of catalysts. The article noted investors had previously kept buying despite events including a reported Coldcard hack on July 31 and a delay in a vote on the long-awaited crypto Clarity Act, but outflows picked up last week as tensions in the Middle East escalated again.
The biggest outflows were linked to BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund, while Morgan Stanley’s fund, which debuted in April, saw net inflows. The report added that macro headwinds, including the U.S. war with Iran and rising oil prices that could lift inflation, may influence expectations for interest rates and thus crypto demand.
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