US spot Bitcoin ETFs recorded $1.16 billion in net outflows over three trading sessions, according to SoSoValue data. Withdrawals slowed from $643 million and $399 million in the first two sessions to $116 million in the third.
Bitwise research head André Dragosch said the outflows reflected short-term weak sentiment, not a lasting retreat by institutional investors or fears about the safety of ETF holdings. He cited a Bitwise survey of 15 institutions, none of which had reduced Bitcoin ETF exposure during the bear market, and said retail investors still hold most ETF shares. The withdrawals followed a reported $6.3 billion Binance hack, but Dragosch said the exchange’s affected hot wallets differ from the cold storage used for institutional funds at Coinbase custody.
