US bitcoin ETFs bleed US$2.8 bil in longest outflow streak

Sidhartha Shukla / Bloomberg05-29 08:50

Bitcoin traded at about US$73,650 as of 7:52am in London on Friday, down more than 40% from a record in October.(May 29): Investors pulled money from US spot-bitcoin exchange-traded funds for a ninth ...

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GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.theedgesingapore.com/news/cryptocurrency/us-bitcoin-etfs-bleed-us28-bil-longest-outflow-streak?utm_source=Blog&utm_medium=RSS&utm_campaign=Tiger_Brokers_app_RSS><strong> Sidhartha Shukla / Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Bitcoin traded at about US$73,650 as of 7:52am in London on Friday, down more than 40% from a record in October.(May 29): Investors pulled money from US spot-bitcoin exchange-traded funds for a ninth ...</p>\n\n<a href=\"https://www.theedgesingapore.com/news/cryptocurrency/us-bitcoin-etfs-bleed-us28-bil-longest-outflow-streak?utm_source=Blog&utm_medium=RSS&utm_campaign=Tiger_Brokers_app_RSS\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BKCH","symbol_name":"AdvisorShares Sabretooth 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exchange-traded funds for a ninth straight session, the longest run of withdrawals since the products debuted, underscoring a cooling in demand for the largest cryptocurrency even as broader risk assets rally.\nThe US-listed funds recorded about US$2.8 billion ($3.6 billion) of net outflows from May 15 through May 28, according to data compiled by Bloomberg. The streak of nine trading days marks the longest stretch of redemptions since the ETFs launched in January 2024, when they were hailed as one of Wall Street’s most successful fund debuts.\nThe products opened the door for a broader set of institutional and retail investors to gain exposure to bitcoin through regulated vehicles, and their flows have become a key gauge of appetite for the token.\nThe latest withdrawals come as bitcoin shows signs of fatigue. Since a market crash on Oct 10 last year, crypto prices have struggled to regain lost ground and remain under pressure.\nBitcoin traded at about US$73,650 as of 7:52am in London on Friday, down more than 40% from a record in October.\nThe ETF outflows stand in contrast to a buoyant backdrop for global equities. The Nasdaq and S&P 500 hit new highs in the US on Thursday and Asia’s Kospi and Topix climbed to fresh peaks today.\n“While other risk assets have embraced reports of a potential 60-day truce extension in the Middle East, bitcoin has become increasingly isolated from the broader risk spectrum,” said Tony Sycamore, an analyst at IG Australia. “Even yesterday’s posts on social media, where President Trump declared ‘We will never let crypto down,’ failed to provide any meaningful support.”\nUploaded by Magessan Varatharaja","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.42.2","shortVersion":"4.42.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2639677446","isCrawlerRequest":true}