Investors withdrew $635 million from U.S. spot bitcoin ETFs in one day, marking the biggest outflow since late January.
U.S. spot bitcoin exchange-traded funds experienced a $635 million net outflow on Wednesday, the largest single-day withdrawal since January 29. The move follows a broader trend, with $1.26 billion pulled from these funds over the past five trading sessions.
Bitcoin’s price has stalled near its 200-day moving average of $82,000, slipping to around $79,400 as inflation concerns resurface. Total net inflows since the ETFs’ January debut have fallen to $58.5 billion from $59.76 billion a week ago.
The correlation between ETF flows and bitcoin’s price has weakened, analysts noted, suggesting a fading tailwind for the cryptocurrency’s recent rally above $80,000.