The investors who were supposed to bring stability to Bitcoin are heading for the exits.
US spot-Bitcoin exchange-traded funds have suffered more than $1.3 billion of withdrawals over the past week as the cryptocurrency’s slump deepens, marking a sharp break from the pattern that defined previous selloffs when ETF investors routinely stepped in to buy the dip. BlackRock’s IBIT has seen the largest net departures at $860 million so far this week. That puts it on pace to mark its seventh straight week of outflows, the longest streak on record.
