Bitcoin ETF · Bitcoin · U.S. · Bitcoin Magazine
Investors Cash Out Fast of Bitcoin ETFs but Price Remains Stable
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The Bitcoin investment vehicles were on a hot streak but investor sentiment last week changed.
Key facts
- It added that if Bitcoin’s price action were to match other drawdowns, like the bear market of 2022, a “potential cycle low near $38k-$39k” was possible
- Data from Farside Investors shows that investors pulled over $385 million from the U.S. funds last week
- The turn in sentiment comes as the price of the biggest cryptocurrency remains flat: Bitcoin was recently trading for $64,066, unmoved over the past week and last 30 days
- Investors initially seemed unfazed by the huge Coldcard hack on July 31, when cybercriminals stole over $115 in Bitcoin after discovering a vulnerability in the popular product’s software
Summary
American investors have reversed course, cashing out of spot Bitcoin exchange-traded funds after a hot run at the beginning of August. Data from Farside Investors shows that investors pulled over $385 million from the U.S. funds last week. The turn in sentiment comes as the price of the biggest cryptocurrency remains flat: Bitcoin was recently trading for $64,066, unmoved over the past week and last 30 days. Investors initially seemed unfazed by the huge Coldcard hack on July 31, when cybercriminals stole over $115 in Bitcoin after discovering a vulnerability in the popular product’s software.