Bitcoin (BTC) News: Weekly Crypto Outflows Climb to $305 Million with ETF News Impact
Bitcoin (BTC) News: Weekly Crypto Outflows Soar to $305 Million
Bitcoin (BTC) is demonstrating resilience in the face of shifting sentiment within the crypto markets. Weekly outflows have hit a staggering $305 million, following recent inflation news and stronger macroeconomic indicators from the US, which have redirected market focus.
Crypto Investments Report $305 Million in Outflows
Recent data from CoinShares indicates that Bitcoin experienced the largest negative flows, with a total of $319 million exiting last week. In contrast, investment products betting against Bitcoin continued to see inflows for the second consecutive week, amounting to $4.4 million. Ethereum wasn't spared either, with $5.7 million in outflows recorded.
Impact of ETF News on Bitcoin
Significantly, most outflows occurred in the US, reflecting a changing sentiment, particularly regarding the underperformance of BTC and ETH ETFs.Data from Farside Investors highlights a growing bearish trend in Bitcoin ETF flows, as seen with BlackRock's iShares Bitcoin ETF (IBIT), which recorded its initial outflow in nearly four months last week.
Looking Ahead Amid Inflation News
The upcoming closure of US markets for Labor Day on September 2 raises concerns about potential impacts on ETF inflows. James Butterfill, a researcher at CoinShares, suggests that the downtrend in ETF inflows is a response to the shifting US macroeconomic landscape.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.