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Bitcoin Under Pressure as BlackRock’s IBIT Sees Outflow Surge

Bitcoin (BTC) joined XRP and the broad-based crypto market in the red on August 5. US BTC-spot ETF market outflows from the end of July extended into August, weighing on BTC demand.

According to Farside Investors, ETF issuers reported net outflows of $323.5 million on August 4. The US BTC-spot ETF market could potentially extend its outflow streak to four sessions on August 5. Key flows on August 5 included:

• Fidelity Wise Origin Bitcoin Fund (FBTC) saw net outflows of $99.1 million.
• Grayscale Bitcoin Trust (GBTC) had net outflows of $19.7 million.

With…