MarketPR
Spot Bitcoin ETFs recorded $462.7 million in net outflows during the week ending Sept. 11, ending a three-week net buying streak as market participants priced in a Federal Reserve rate hike.
This reversal in fund flows occurred despite $3.8 billion in net inflows absorbed by U.S.-based ETFs over the preceding three weeks through Sept. 4, according to SoSoValue data.
The fund managers must purchase physical Bitcoin to back their shares, meaning the direction of these flows directly impacts the supply available for sale on open markets.
The shift to outflows appeared tied to interest rate expectations. 15, the day before the Federal Reserve announced a 25-basis-point increase to the federal funds rate, net outflows reached $450.4 million.
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