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Bitcoin ETFs See $71M Outflow Amid Market Caution
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$BTC

Bitcoin ETFs See $71 Million Outflow as Investor Caution Grows

U.S.-listed Bitcoin ETFs faced $71 million in net outflows on Thursday, marking the third consecutive day of declines. This trend suggests that professional investors are pulling back as Bitcoin's recent rally loses momentum. Bitcoin's price has dropped below $59,000, with a weekly loss of over 3.5% and an expected 8% decline for August, reflecting weakening demand.

Key Outflows

Significant contributors to the outflow include Fidelity’s FBTC, with $31 million withdrawn, and Grayscale’s GBTC, losing $22 million. BlackRock’s IBIT fund also saw a rare $13 million outflow.

Market Trends and Volatility

Despite these outflows, U.S. retail investor demand is rising, with Bitcoin price premiums on Coinbase reaching their highest since July. Market volatility is expected to increase post-Labor Day, influenced by economic reports and potential political developments. Traders are preparing for choppy price action, with concerns about potential downside risks.