Bitcoin ETFs shed $1.3B in biggest weekly outflow since late June
Investors pulled a net $1.21 billion from BlackRock’s IBIT last week as Bitcoin fell below $76,000 and US technology stocks sold off.
US spot Bitcoin exchange-traded funds (ETFs) recorded $1.28 billion in net outflows last week, their largest weekly withdrawals since late June.
The withdrawals brought the funds’ net outflows for the year to about $919 million, according to SoSoValue. The funds had already posted $515 million in net outflows in October.
Bitcoin fell below $76,000 last week as traders digested the fallout from Binance’s $6.3 billion hack, uncertainty after the US midterm elections and a sell-off in technology stocks.