Bitcoin ETF outflows hit $390M – Are investors turning to altcoins?

After recovering for a few weeks, Spot Bitcoin [BTC] ETFs have resumed outflows. According to SoSo Value data, BTC ETF recorded $390 million in net outflows last week.

Fidelity’s FBTC recorded the highest outflows worth $153.1 million, followed by BlackRock’s IBIT with $129.1 million. The other ETFs also mostly saw outflows on certain days, while some days witnessed zero flows.

Morgan Stanley’s MSBT loses momentum

That said, months ago, Morgan Stanley’s MSBT was recording a consistent inflow streak despite the cumulative BTC ETFs seeing outflows. However, as of the latest update, MSBT has also lost its steam and recorded just $7.1 million in otflows in the past week.

During this time, the price of Bitcoin fell from around $64k to $63,256.11 at press time. This indicates that the price action has been struggling to keep above the resistance level of $65K, which has been responsible for the ETFs pullback.  

Despite BTC’s downtrend, Tudor Investment, owned by Paul Tudor Jones, is expanding its direct exposure to Bitcoin by using BlackRock’s IBIT ETF.

In Q2, the company increased its IBIT holdings by 19%, reaching 688,529 shares at the end of the quarter, valued at about $23 million. At the same time, Tudor’s put position stayed mostly the same, but it drastically cut its reported IBIT call options by 85%.