Bitcoin is back above $63,000, but what happened in exchange-traded funds (ETFs) last week rings a note of caution.
As the price fell toward $60,000, the 11 U.S. spot ETFs recorded $1.72 billion in net outflows, marking a third straight week of accelerating redemptions. That happened on the total weekly volume of just $18.43 million, according to data from SoSovalue.
Compare that with the first week of February, when bitcoin suffered a similar crash to $60,000. Back then, outflows were just $318 million, but the total weekly volume was $46.15 billion in a clear sign of panic and capitulation, reflecting a fiercely contested market with active participation from both bulls and bears.
That wasn’t the case last week, when…
