Bitcoin ETFs Go Back to Net Outflows

Dow Jones08-14 23:44

Bitcoin ETFs have gone back to daily net outflows of capital, according to data from CoinGlass. The ETFs managed to snap a streak of winning days this week, with three out of the past four days having net outflows. Yesterday, $131.1 million left bitcoin ETFs, accelerating a $61.1 million outflow seen the prior day. That's even though reports released this week by the Labor Department gave better-than-expected news about the growth of inflation in the U.S. economy, which in turn injected new positivity into trading on the stock market. But the lift that equities showed did little to move bitcoin higher, suggesting that cryptocurrency is less tied to macroeconomic developments than it has been previously this year. Bitcoin is down 1.1% to $62,696.

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