Investors in Bitcoin exchange-traded funds (ETFs) pulled out a net $200 million on Tuesday, marking the second consecutive day of outflows. This suggests growing cautiousness among traders ahead of crucial economic reports due later on Wednesday.
Data shows that the total outflow across eleven Bitcoin ETFs was the highest since early May, exceeding $580 million recorded then. This coincided with a sell-off in Bitcoin itself, with the price briefly dipping to $66,200 before recovering.
Grayscale’s GBTC ETF was the primary source of outflows, contributing $120 million. GBTC has consistently been the worst performing ETF in terms of outflows since its launch in January, accumulating a total of $18 billion in net redemptions.
Other notable ETFs like Ark Invest’s ARKB, Bitwise’s BITB, Fidelity’s FBTC, and VanEck’s HODL also witnessed outflows ranging from $7 million to $56 million. Notably, none of these ETFs received any inflows during this period.
Analysts believe the outflows are a result of investors taking a cautious stance before the release of the Consumer Price Index (CPI) data on Wednesday. Additionally, the two-day Federal Open Market Committee (FOMC) meeting concludes today, where the Federal Reserve’s monetary policy decisions will be announced.
