Bitcoin ETFs Bled Nearly Half a Billion Dollars End of Last Week, Reversing Sentiment

Bitcoin Magazine

Bitcoin ETFs Bled Nearly Half a Billion Dollars End of Last Week, Reversing Sentiment

Investors cashed out of American Bitcoin exchange-traded funds at the end of last week, ending a seven days winning streak.

Data from Farside Investors shows that over $475 million was redeemed from the investment products during trading hours on Thursday and Friday, with BlackRock’s iShares Bitcoin Trust handling most of the trading action.

Risk appetite appeared to be back, too: over a seven-day period, from July 14-22, the funds managed by the likes of Fidelity, Morgan Stanley, and Grayscale, took in just under $1 billion in new investment: $999.3 million.

The flurry of fresh cash put upwards pressure on the price of Bitcoin. The leading cryptocurrency then dipped on the outflows but is now unmoved over a seven-day period. Bitcoin’s price recently stood at $64,544.

Year-to-date, Bitcoin is down over 26% and the cryptocurrency has shed nearly 50% of its value since it notched a new record of $126,080 in October.

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