Most US-based spot Bitcoin ETFs have started to see substantial withdrawals and the total amount has shot up to more than $500 million in the past week alone, even though it was just a four-day trading week.Ever since mid-January, when the US SEC reluctantly approved nearly a dozen spot Bitcoin ETFs, these financial vehicles have been at the forefront of investor adoption, especially from those who refrained from entering the landscape before this regulatory nod.
There have been a few trends established in the past five months or so. It all started quite positively as the ETFs saw consecutive days of inflows from January 26 to February 20. Things changed in late April and early May when investors pulled out a lot, especially on May 1.their longest streak of positive flows . Yet, the uncertainty in the US economy, including the Fed’s refusal to reduce the interest rates, have turned the tables in the past ten days or so.
Aside from a brief spike from $66,000 to $67,200 on Monday, bitcoin has been predominantly losing value. This culminated yesterday evening when itto a five-week low of $63,300. Despite recovering about a grand since then, BTC is still about 3% down on the week, and its market cap has declined to $1.265 trillion.
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