US spot BTC ETFs see 6th straight week of outflows as selling pressure wanes

U.S. spot Bitcoin (BTC) ETFs recorded $226.8 million in net outflows last week, marking their sixth consecutive week in the red, according to SoSoValue data. The cumulative net outflow over the past six weeks has reached $5.94 billion, the longest streak of weekly outflows since the products were launched. However, the weekly outflow volume has decreased from $1.72 billion in the first week of this month to $227 million last week. Jeff Ko, a senior analyst at CoinEx, suggested that the current trend indicates selling pressure is mostly exhausted rather than accelerating. He analyzed that a significant portion of the net outflows is due to the unwinding of interest rate basis trades and arbitrage positions, not a departure of spot demand. Meanwhile, Jeff Mei, COO of BTSE, suggested that investors appear to be shifting funds to AI-related stocks, reflecting high interest in the SpaceX IPO and the AI industry.