Bitcoin ETFs Experience Largest Weekly Outflows Since January

Bitcoin's six-week ETF party has come to an end with a bang. Spot Bitcoin ETFs recorded their largest weekly outflows since January, with a total of $1 billion leaving the funds. This marked the end of a six-week streak of consistent institutional buying, which had seen $3.4 billion flow into the products.

The week's trading was particularly dire, with Wednesday being the worst single day, seeing $635.23 million in outflows. All 11 Bitcoin ETFs posted outflows on the final trading day of the week, and total net assets across all spot Bitcoin ETFs now stand at $104.29 billion.

Analysts point to macroeconomic conditions as a contributing factor to the reversal. The recent inflation data and interest rate hikes have caused capital to rotate towards other assets. Crypto analyst Ali Charts noted that the high profit margins, currently at 17%, are a warning sign for investors.