Bitcoin spot ETFs saw strong fund outflows, a trend that continued for a week. As of July 24, the net outflow of these products totaled $1.74 billion.
Data from Farside Investors shows that the spot BTC ETF saw the largest fund outflows in two weeks since its approval in the United States. During this period, investors withdrew a net total of $110 million from these funds.
Overall, digital asset investment products saw a consecutive second week of outflows totaling $58.4 billion.
Investors’ pessimism about the possibility of a rate cut by the Federal Reserve, as reported on CoinShares, seems to be one of the reasons for this situation.
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Last week, the global exchange-traded product (ETP) trading volume hit its lowest level since the launch of the U.S. ETF in September, with a total trading volume of only $9 billion this week.
The United States saw the largest outflow of funds, totaling $47.5 billion, while Canada also saw a significant outflow of $10.9 billion. Germany and Hong Kong reported outflows of $240,000 and $190,000, respectively. However, Switzerland and Brazil saw inflows of $390,000 and $485,000, respectively.
The largest outflow for Bitcoin was $6.3 billion, but despite the negative sentiment, short positions did not increase.
Ethereum also faced a total outflow of $580,000.
