Bitcoin ETFs lose $1.16B as Bitwise calls selling ‘short-term’
Bitwise’s André Dragosch attributed Bitcoin ETF outflows to weaker market sentiment, saying institutions have largely maintained their exposure.
Bitwise’s André Dragosch attributed Bitcoin ETF outflows to weaker market sentiment, saying institutions have largely maintained their exposure.
US spot Bitcoin exchange-traded funds (ETFs) recorded more than $1 billion in net outflows over three trading days, but crypto asset manager Bitwise says the withdrawals do not signal a lasting retreat by institutional investors.
Investors pulled another $116 million from the funds on Tuesday, bringing net outflows since Friday to $1.16 billion, according to SoSoValue data.
He cited a recent Bitwise survey of 15 institutions, none of which had reduced their Bitcoin ETF exposure during the bear market. US regulatory filings also showed that most institutional investor categories, apart from hedge funds, had largely maintained their positions.