U.S. Bitcoin ETFs see the largest daily outflow since last August.
Investors have pulled $564M from 11 Bitcoin ETFs today, the biggest pullout since the ETFs debuted in January.
Bitcoin (BTC-USD) is on pace for its worst week since August 2023, after a peak of almost $74,000 in March.
This has affected ETFs such as Grayscale Bitcoin Trust (GBTC), which lost $167M in outflows; Fidelity Wise Origin Bitcoin Fund (FBTC), which lost a net $191M on Wednesday; and BlackRock’s iShares Bitcoin Trust (IBIT), with $37M in outflows.
The ETFs still count with a net inflow of more than $11B, but demand has slowed as financial conditions remain tight in the U.S.
Caroline Bowler, CEO of crypto exchange BTC Markets, said that “there has been a retrenchment in Bitcoin (BTC-USD) and outflows from the ETFs, but the overall picture is healthy in terms of ETF demand in different geographies.”