Spot bitcoin exchange-traded funds had a disappointing week last week, with four of the five trading sessions penning significant outflows.
Only Monday was a net winner with around $202 million flowing into the ETF space, followed by nearly $500 million worth of outflows throughout the rest of the week, per Farside data.
This has coincided with a noticeable dip on bitcoin spot prices. As of Monday, 2 September, the BTC/USD pair was down around 9.5% week on week.
Bitcoin ETFs have emerged as an important metric for determining bitcoin sentiment since they were approved by the US Securities and Exchange Commission (SEC) in early 2024.
Bitcoin is currently trading around $58,000, though this is an improvement from the $57,200 nadir seen over the weekend.
Bitcoin falls – Credit: tradingview.com
Binance’s order book shows a wall of sell orders at $60,000, where short-term resistance could prove a stumbling block for any bullish recovery.
At the time of writing, the global cryptocurrency markets were valued at $2.03 trillion, with bitcoin dominance sitting at 56.4%.