Bitcoin ETFs lose $1.16B as Bitwise calls selling ‘short-term’
Bitwise’s André Dragosch attributed Bitcoin ETF outflows to weaker market sentiment, saying institutions have largely maintained their exposure.
US spot Bitcoin exchange-traded funds (ETFs) recorded more than $1 billion in net outflows over three trading days, but crypto asset manager Bitwise says the withdrawals do not signal a lasting retreat by institutional investors.
Investors pulled another $116 million from the funds on Tuesday, bringing net outflows since Friday to $1.16 billion, according to SoSoValue data.
“I do think it’s related to a short-term risk-off environment rather than a structural change in institutional sentiment,” Bitwise’s head of research, André Dragosch, told Cointelegraph.