Add as a preferred source on GoogleU.S. Bitcoin ETFs Lose $1.16 Billion Across Three Sessions
Tuesday’s roughly $116 million outflow was smaller than the withdrawals recorded in each of the previous two sessions.
U.S. spot Bitcoin (BTC) exchange-traded funds posted $1.16 billion in net withdrawals over three trading sessions through Tuesday, extending their losing streak even as the latest daily outflow slowed.
The funds lost about $116 million Tuesday, Nov. 3, after about $399 million Monday and $643 million Friday, Oct. 30. Tuesday marked a third consecutive trading day of withdrawals.
André Dragosch, Bitwise’s head of research, viewed the withdrawals as a short-term response to weaker market sentiment. “I do think it’s related to a short-term risk-off environment rather than a structural change in institutional sentiment,” Dragosch said.
Dragosch cited a Bitwise survey of 15 institutions during an earlier market decline. None had reduced its Bitcoin ETF exposure. That survey does not establish who redeemed ETF shares during the latest three sessions.
ETF net flows measure money entering or leaving the funds. They do not identify individual investors or establish why shares were redeemed.
Bitcoin traded at $78,344, up 1.84% over 24 hours, as of 4:45 a.m. ET (09:45 UTC) Wednesday.
Enna Lee
ReporterEnna Lee reports on investing and digital-asset markets for TokenPost. Send corrections or tips to info@tokenpost.com.