Investors Cash Out Fast of Bitcoin ETFs but Price Remains Stable

Bitcoin Magazine

Investors Cash Out Fast of Bitcoin ETFs but Price Remains Stable

American investors have reversed course, cashing out of spot Bitcoin exchange-traded funds after a hot run at the beginning of August.

Data from Farside Investors shows that investors pulled over $385 million from the U.S. funds last week. The week before, the funds had received fresh cash every day, bringing in more than $865 million in investment — their biggest inflows since April.

The turn in sentiment comes as the price of the biggest cryptocurrency remains flat: Bitcoin was recently trading for $64,066, unmoved over the past week and last 30 days.

Investors initially seemed unfazed by the huge Coldcard hack on July 31, when cybercriminals stole over $115 in Bitcoin after discovering a vulnerability in the popular product’s software.

Bitcoin investors also shrugged off a delay in a vote on the long-awaited crypto Clarity Act, continuing to buy into the funds despite negative regulatory news.

But things last week changed, with investors pulling cash out of the major investment vehicles as tensions in the Middle East started to escalate again.

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