U.S. spot Bitcoin (CRYPTO: BTC) ETFs recorded their largest weekly outflow since late June, even as Goldman Sachs (NYSE:GS) calls a September Fed rate hike “very unlikely.”
What The ETF Numbers Show
The 13 U.S.-listed Bitcoin ETFs saw $389.7 million drained in the week of Aug. 10, reversing the $853.5 million they pulled in the prior week according to SoSoValue data.
The last time outflows were larger was the week ending July 2, when funds shed $526.64 million.
The outflows followed a major cold wallet hack that renewed investor interest in holding Bitcoin through regulated vehicles rather than self-custody, though that dynamic did not translate into inflows last week.
Why Goldman Calling A September Hike ‘Very Unlikely’ Matters
Goldman Sachs Chief Economist Jan Hatzius told clients in a note Sunday, cited by Bloomberg, that soft retail sales, slowing employment figures, and easing inflation make a September rate increase very unlikely.
