Seven-day winning streak ends for Bitcoin ETFs as $225M exits the market
Following an impressive run that brought in close to $1 billion across seven consecutive trading days, spot Bitcoin ETFs in the United States saw their first net outflow day since July 13.
A seven-session winning streak for spot Bitcoin exchange-traded funds (ETFs) listed in the United States came to an end on Thursday, representing the first instance of net outflows since July 13.
On Thursday, spot Bitcoin ETFs experienced net outflows totaling $225.2 million, following a period where these funds had drawn in close to $1 billion in net inflows throughout the previous seven trading sessions, based on data from SoSoValue.
Notwithstanding Thursday's withdrawals, these investment vehicles had managed to accumulate approximately $274 million in net inflows for the week through Thursday's close.
The withdrawals occurred as Bitcoin momentarily dropped beneath the $65,000 threshold following a decline in US equities markets driven by escalating tensions between the US and Iran. At the time of publication, Bitcoin was changing hands at $65,403 after touching a low of $64,600, based on data from CoinGecko.
Sentiment in the Bitcoin market also deteriorated, with the Crypto Fear & Greed Index dropping 3 points to reach 28 and continuing to hover in "fear" territory on Friday, as reported by Alternative.me.
In contrast, US-listed spot Ether ETFs continued their inflow momentum for a fifth consecutive session, drawing in a net $26.3 million on Thursday, data from SoSoValue indicates.