TLDR
- US spot Bitcoin ETFs recorded $389.7 million in net outflows during the week of August 10, the largest weekly withdrawal in six weeks.
- The outflows reversed the previous week’s $853.5 million inflow, which had been the strongest weekly total since April.
- Bitcoin traded near $63,000 and stayed within a narrow 2% range during the week, showing limited price momentum.
- Investors remained cautious amid concerns over higher interest rates and slow progress on the proposed US Clarity Act.
- Bitcoin’s implied volatility index stood near 37, well below its February peak of 82.2, pointing to subdued expected price swings.
- The earlier inflow surge following the Coldcard wallet hack proved short-lived as institutional demand weakened again.
US spot Bitcoin ETFs posted their biggest outflow in six weeks as Bitcoin price traded near $63,000. The 13 listed funds recorded $389.7 million in net outflows during the week of August 10, according to Bloomberg data.
The reversal followed $853.5 million in inflows a week earlier. That first August week marked the strongest inflow since April, but demand weakened as Bitcoin stayed within a narrow trading range.
Bitcoin ETFs Reverse Early August Inflows
Bitcoin ETFs had recorded modest net inflows for three weeks in July before the latest withdrawal. The funds remain a key route for investors who want Bitcoin exposure without directly holding or securing tokens.
Esme Pau, head of capital markets and policy at CertiK, linked the outflows to weaker market sentiment. She said the earlier inflows after the Coldcard wallet hack now appear less representative of broader institutional demand.
Bitcoin changed little during the week, trading within a range of about 2%. The token stood near $63,400 on Monday afternoon in Singapore, while remaining about 50% below its October record high.
Market caution has also grown around interest rates. Investors remain focused on the risk that rates could stay higher for longer, while limited progress on the proposed US Clarity Act has kept some buyers on the sidelines.
Coldcard Hack Fails to Sustain Demand
A recent hack involving Coldcard-branded offline wallets briefly increased interest in traditional investment products. A flaw made wallet key generation predictable, raising concerns about private crypto storage.
That event helped drive strong Bitcoin ETF inflows in early August. However, the latest figures show that the shift toward ETF exposure did not continue at the same pace.
Bitcoin’s implied volatility index stood near 37 on Monday. That level remained below its yearly average and far below the 82.2 peak reached in early February.
Investors closely watch ETF flows because they measure demand through regulated market products among traditional investors. Continued outflows could reduce an important source of buying pressure if Bitcoin trading and other demand channels remain weak.
