Bitcoin trades near $63,500 as ETF outflows reverse
Bitcoin is consolidating around $63,500 in mid-August after falling about 50% from its last October record high, while US-listed spot Bitcoin ETFs report $389.7 million net outflows for the week of August 10.
Bitcoin traded around $63,500 in mid-August, remaining in a tight range since early July and down roughly 50% from its record high reached last October.
Uncertainty over the Federal Reserve’s interest-rate path and stalled negotiations on the US Clarity Act continued to keep buyers on the sidelines.
Institutional demand also showed signs of fragility, with US-listed spot Bitcoin ETFs recording $389.7 million in net outflows in the week of August 10.
This reversed $853.5 million of inflows the previous week and marked the funds’ largest weekly outflow since late June.
The selling came after ETF demand strengthened in early August, partly following the Coldcard wallet hack, which briefly renewed interest in gaining Bitcoin exposure through traditional investment products.