Investors pulled $171 million from U.S.-listed spot bitcoin ETFs on Thursday, marking the largest single-day outflow in over three weeks. This significant withdrawal indicates a cooling of institutional demand for bitcoin, which had previously seen robust inflows exceeding $2 billion earlier this month. Notably, BlackRock’s IBIT fund accounted for nearly $42 million of the outflows, while several other funds experienced withdrawals in the $20 million to $30 million range.
This shift in investor sentiment raises concerns about bitcoin’s ability to maintain its current price levels near $70,000 amid increasing macroeconomic pressures. With only $95.8 million in inflows last week and net outflows of $70.71 million this week, the moderation in demand suggests a more cautious approach from institutions that had been actively accumulating bitcoin exposure through ETFs.
Market professionals should closely monitor these trends, as continued outflows could signal a broader shift in sentiment that might impact bitcoin’s price stability and overall market dynamics.
Source: coindesk.com