U.S. bitcoin exchange-traded funds (ETFs) recorded $127 million in net outflows on Tuesday, marking the largest single-day withdrawal since Aug. 6. The outflow ended an eight-day streak of positive inflows of $756 million.
On Tuesday, Ark Invest’s Bitcoin ETF saw the largest outflow, at $102 million. Grayscale’s Bitcoin Trust and Bitwise’s Bitcoin ETF also saw net outflows of $18 million and $7 million, respectively.
BlackRock’s Bitcoin ETF saw no inflows after a $224 million inflow on Monday, its largest in more than a month, while Fidelity’s Bitcoin ETF and other Bitcoin funds saw no change in inflows or outflows.
The biggest contributor to yesterday’s outflows appears to have been profit-taking by investors after Bitcoin topped $60,000 earlier this week. Since then, Bitcoin has fallen by about 10% to below $60,000 following the news.
The ETF inflows come as leading financial institutions expand their bitcoin product offerings. On Tuesday, CME Group launched a new bitcoin futures contract aimed at retail traders. Nasdaq has also applied for regulatory approval for bitcoin index options.
The continued development of regulated investment vehicles in Bitcoin highlights the growing mainstream demand. While Bitcoin ETFs have seen outflows this week, the overall trajectory points to growing institutional adoption.
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