Bitcoin ETFs Bleed $1.79 Billion in Seventh Straight Week of Outflows

Crypto markets have been facing headwinds in recent weeks, and Bitcoin ETFs are no exception. The U.S. spot Bitcoin ETF complex saw its seventh straight week of outflows, with a total of $1.79 billion leaving the market, according to The Block's analysis of SoSoValue data.

This is the longest losing streak for the category since launch, beating previous five-week redemption stretches that had already made traders nervous. Friday was particularly tough, with $444.51 million in redemptions concentrated in BlackRock's iShares Bitcoin Trust, which had been touted as a clean version of the Bitcoin trade.

The damage is real, and it's not just about the numbers. The macro backdrop is doing Bitcoin no favors, with a hawkish Federal Reserve and a high-rate environment punishing long-duration risk stories. As Business Insider reported, Bitcoin was trading around $59,200 on June 26, down more than 30% for the year and roughly 53% below its all-time high.

Even MicroStrategy, one of the most vocal proponents of holding onto Bitcoin, is now selling. The company disclosed that it sold 32 Bitcoin in early June, which may not seem like a lot but sends a signal to traders.