US spot Bitcoin (CRYPTO: $BTC) exchange-traded funds (ETFs) recorded $462.7 million in net outflows last week, ending a three-week run of strong inflows as investors pulled money from the products across the last four trading sessions.
According to data from SoSoValue, the funds lost $46.7 million on Tuesday, followed by $120.2 million on Wednesday and a larger $282.7 million withdrawal on Thursday. Outflows eased to $13.2 million on Friday, but the four-day losing streak marked the first weekly reversal since mid-August.
The shift came after investors poured about $3.8 billion into spot Bitcoin ETFs over the previous three weeks, helping support Bitcoin’s move above $80,000.
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The selling has not erased September’s gains. Spot Bitcoin ETFs still held roughly $307.3 million in net inflows for the month through Friday.
“The withdrawals come at a difficult time for markets. Inflation is proving stickier than investors wanted, the 10-year Treasury yield has moved close to 5%, and expectations around the Federal Reserve have shifted sharply,” Markus Levin, co-founder of XYO, told Cryptoprowl.
He added that the Iran conflict and disruption risks around key energy routes have pushed oil prices higher, adding another source of inflationary pressure and negatively impacting risk assets.
According to Levin, the next Federal Reserve FOMC meeting is unusually important. “If redemptions continue after the Fed decision, it would be a stronger signal that investors are reducing exposure as macro and geopolitical risks rise,” he said.
Meanwhile, Ether (CRYPTO: $ETH) ETFs attracted $196.9 million in net inflows during the same four-day period, led by strong buying on Friday.
At the time of writing, Bitcoin is trading at $78,328, up by around 2% over the past day. Ether is trading at $2,501, largely flat over the past day.
