Bitcoin exchange-traded funds (ETFs) in the United States recorded net outflows of $127 million on Tuesday, marking the largest single-day withdrawal since Aug. 6. The outflow ended an eight-day streak of positive inflows totaling $756 million.
On Tuesday, The Bitcoin ETF Ark Invest’s offering saw the largest outflow, at $102 million. Grayscale’s Bitcoin Trust and Bitwise’s Bitcoin ETF also saw net outflows of $18 million and $7 million, respectively.
From BlackRock Bitcoin ETF saw no inflows after $224 million inflow Mondaysits highest level in more than a month, while Bitcoin ETFs from Fidelity and others also saw no change in inflows or outflows.
The biggest contributor to yesterday’s outflows appears to have been profit-taking by investors after Bitcoin broke above $60,000 earlier this week. Bitcoin has since retreated around 10% below $60,000 following this news.
The outflows from ETFs came as major financial institutions expanded their bitcoin product offerings. On Tuesday, CME Group launched a new bitcoin futures contract aimed at retail traders. Nasdaq also presented for regulatory approval of Bitcoin index options.
The continued development of regulated Bitcoin investment vehicles highlights the growing mainstream demand. Bitcoin Spot ETF While there were some exits this week, the overall trajectory points to increasing institutional adoption.
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