Institutional Bitcoin ETF Withdrawals Reach $171 Million in One Day
- Investors withdrew a total of $171.12 million from U.S.-listed spot bitcoin exchange-traded funds (ETFs), marking the largest single-day outflow in over three weeks.
- BlackRock’s IBIT fund experienced the highest outflow at $41.92 million, while other funds like FBTC, GBTC, BITB, and ARKB saw withdrawals ranging from $20 million to $30 million.
- This decline follows a strong period of inflows where these ETFs attracted more than $2 billion from late February to mid-month.
- In the previous week, only $95.8 million in new investments were recorded, with net outflows of $70.71 million occurring this week alone.
The recent trend indicates a potential pause in institutional accumulation as investors reassess their strategies regarding these bitcoin ETFs launched in January.
The substantial withdrawal of $171 million highlights shifting investor sentiment and raises concerns about bitcoin’s ability to sustain its value near $70,000 amidst ongoing macroeconomic challenges.
