Spot Bitcoin ETFs saw a $390 million outflow in the week to August 14, a sharp reversal after $853 million flowed in the previous week. This exit followed Brent crude pushing above $88 per barrel, itself driven by the Strait of Hormuz blockade and the threat of global food inflation reaching 4 to 5%, as JPMorgan had warned in April. Whales holding 1,000 or more BTC began trimming their positions around August 10 as oil prices climbed, with their cohort thinning from a peak of 1,963 on July 31 to a net negative stance. Despite the selling pressure, Bitcoin has held steady near $63,500, suggesting orderly de-risking rather than panic.
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