American investors withdrew over 385 million dollars from spot Bitcoin ETFs last week, reversing the trend from the previous week when these funds saw 865 million dollars in net inflows, their best performance since April. The price of Bitcoin remains stable around 64,066 dollars, unchanged over the past month, despite the Coldcard hack in July that resulted in the theft of over 115 million dollars in Bitcoin. The largest outflows came from BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund, while Morgan Stanley’s fund bucked the trend with net inflows. NYDIG’s July report noted that Bitcoin is the worst-performing asset year-to-date and warned that if the 2022 bear market pattern repeats, prices could drop to the 38,000-39,000 dollar range.
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