Investors Withdraw 385 Million USD from Bitcoin ETFs as Price Holds Steady

American investors withdrew over 385 million USD from spot Bitcoin exchange-traded funds (ETFs) last week, reversing a trend of inflows that had seen more than 865 million USD invested the previous week. Despite this cash outflow, Bitcoin's price remained stable at 64,066 USD, unchanged over the past week and month. The shift in investor sentiment follows escalating tensions in the Middle East, impacting major investment vehicles like BlackRock's iShares Bitcoin Trust and Fidelity's Wise Origin Bitcoin Fund, which saw significant outflows. In contrast, Morgan Stanley's fund, launched in April, recorded net inflows. Current macroeconomic factors, including the U.S. conflict with Iran and rising oil prices, may contribute to inflation concerns. Historically, Bitcoin has performed well during periods of cooling inflation, but recent geopolitical instability has dampened investor confidence. A report from NYDIG indicated that Bitcoin is currently the worst-performing asset year-to-date, underperforming against U.S. treasuries, silver, and the Swiss Franc. The report suggested that if Bitcoin's price trajectory mirrors past downturns, a potential low near 38,000-39,000 USD could occur.

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