0
0
Bitcoin ETFs See Their Longest String of Net Outflows
US-listed spot BTC ETFs bled $1.2 billion last week.
0
0
Crypto investors have fled from digital asset investment products over the past two weeks. Can today’s positive price action finally turn them into net buyers?
What’s the Scoop?
- BTC Bleed: Spot BTC ETFs have been persistent sellers throughout the past eight US trading sessions, with the instruments experiencing $1B in net BTC outflows since crypto markets put in a local top late last month.
- Record Week: Digital asset manager CoinShares reported that aggregate outflows from crypto investment products amounted to $726M last week, matching record 2024 outflows set in March. As the bulk of the selling came from America, CoinShares attributes negative sentiment to “stronger-than-expected macroeconomic data from the previous week, which increased the likelihood of a 25 basis point (bp) interest rate cut by the US Federal Reserve.”
Bankless Take:
Flow fixation has captivated investors who hope to glean insights into crypto sentiment through daily investment product AUM fluctuations, yet these data points generally correlate with crypto performance and yield little causal effect on price, other than through the reflexive retail sentiment they can inspire.
