• Bitcoin spot ETFs saw a significant net outflow of $601 million over the past week.

• Major funds like BlackRock and Fidelity led with notable withdrawals, totaling 10,428 BTC.

• The decline is partly attributed to Bitcoin’s recent price drop from $61,200 to around $55K and strategic profit-taking.

Bitcoin spot exchange-traded funds (ETFs) recorded a net outflow of $601 million over the past week, which could hint at a shift in investor sentiment. The reduction in holdings suggests increased caution among investors, likely driven by profit-taking and the ongoing bearish market.

Ten major Bitcoin ETFs saw a substantial outflow of 10,428 BTC, worth approximately $601 million, over the past seven days according to data from Lookonchain. 

The reduction in holdings was led by prominent funds such as the iShares (BlackRock) Bitcoin Trust (IBTC) and Fidelity Wise Origin Bitcoin Fund (FBTC), which experienced notable withdrawals of 228 BTC and 3,753 BTC, respectively. 

Funds like the ARK 21Shares Bitcoin ETF (ARKB) and Bitwise Bitcoin ETF (BITB) also reported substantial net outflows. In the last day alone, 5,514 BTC, worth $317.82 million, left the U.S. Bitcoin ET…

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