Key facts
- U.S. spot Bitcoin ETFs experienced outflows totaling $465 million over Thursday and Friday.
- BlackRock's iShares Bitcoin Trust accounted for the largest portion of these outflows.
- This outflow reversed a previous seven-day streak of inflows, during which the funds attracted nearly $1 billion.
- Despite the recent outflows, the ETFs recorded a net positive inflow of $34 million for the past week.
- Analysts suggest macroeconomic concerns, including geopolitical tensions and potential interest rate hikes, may be influencing investor sentiment.
Investors withdrew approximately $465 million from U.S. spot Bitcoin exchange-traded funds over Thursday and Friday, ending a seven-day period of inflows that had seen nearly $1 billion enter the products. BlackRock's iShares Bitcoin Trust was the largest contributor to these outflows. This reversal in sentiment among investors comes amid broader macroeconomic concerns, including geopolitical tensions in the Middle East and the potential for further interest rate hikes. Despite the recent outflows, the ETFs collectively registered a net inflow of $34 million for the entire past week. Bitcoin's price recently stood at $64,544, showing a modest weekly increase. The approval of these ETFs in 2024 by the Securities and Exchange Commission has provided Wall Street investors with easier access to the cryptocurrency market, contributing to significant price movements earlier in the year.