US spot Bitcoin exchange-traded funds (ETFs) faced a dramatic shift in confidence last week, recording a massive net outflow of $1.23 billion.
This marks the second-largest weekly withdrawal since the funds launched in 2024, surpassed only by a $2.6 billion outflow in late February.
The sell-off represents a sharp change from the previous week's net inflow of $2.7 billion. According to data from SoSoValue, outflows continued through Friday, with a daily withdrawal of $366.6 million.
The significant outflows coincided with a period of high volatility for Bitcoin. The crypto plummeted from around $121,000 to a low of nearly $103,700 last week.
The decline was not limited to Bitcoin funds. Spot Ethereum ETFs also reversed course, recording $311.8 million in net outflows after a strong inflow the previous week.