With Bitcoin’s price stagnating, some believe its peak has passed. Investors now seek better opportunities in affordable altcoins with more growth potential.
Investors pulled $1.14 billion from Bitcoin exchange-traded funds (ETFs) over two weeks, marking the biggest outflow since trading began on January 11, 2024.
The outflows, highlighted by VettaFi, come as trade tensions between the U.S. and China escalate.
Bitcoin ETFs saw record outflows as US-China trade tensions rise
According to VettaFi, the ProShares Bitcoin Strategy ETF (NYSE Arca:BITI) saw outflows of $734 million, while the VanEck Bitcoin Strategy ETF (NYSE Arca:XBT) experienced outflows of $350 million.
Meanwhile, the Valkyrie Bitcoin Strategy ETF (Nasdaq:BTF) and the Kryptoin Bitcoin ETF (Nasdaq:BCI) saw outflows of $30 million and $10 million, respectively.
Altogether, Bitcoin ETFs witnessed inflows of $2.4 billion during the first seven weeks of 2024. However, these gains were quickly erased by the recent outflows.
As of March 10, 2024, Bitcoin ETFs had net outflows of $400 million year-to-date.
The outflows from Bitcoin ETFs may indicate waning confidence in the cryptocurrency. This could be due to several factors, including the recent market downturn, regulatory concerns, and the availability of other investment options.
However, it's important to note that crypto markets are known for their volatility, and trends can change rapidly.
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