Bitcoin (BTC) came under fresh selling pressure on Tuesday as investors pulled $484.9 million out of US spot Bitcoin exchange-traded funds (ETFs) in a single session, the heaviest daily withdrawal from those funds since June 25.

According to COINOTAG, the day's redemptions were led by BlackRock's iShares Bitcoin Trust (IBIT), the largest fund in the US spot Bitcoin ETF group.

The outflows coincided with weakness in the underlying asset, as the Bitcoin price slipped below the $83,000 support level during the morning hours. Levels described as support tend to draw heightened attention from short-term traders, since breaks below them are traditionally read as a shift in near-term momentum.

Background

US spot Bitcoin ETFs began trading in January 2024, after the US Securities and Exchange Commission (SEC) approved the first such products for listing in the United States. The funds hold Bitcoin directly, allowing investors to gain exposure to the asset through standard brokerage accounts without managing private keys or transacting on crypto exchanges.

Issuers report daily creations and redemptions for each fund after the market close, making the group's net flows one of the most closely followed gauges of institutional demand for Bitcoin. A net outflow day such as Tuesday's indicates that redemptions across the funds exceeded new subscriptions. In practice, creations put new shares into circulation and typically add Bitcoin to a fund's holdings, while redemptions reverse that process, which is why single-session figures of this size draw attention as a reading on ETF-based demand.

The next round of daily flow figures, due after Wednesday's market close, will show whether Tuesday's redemptions were an isolated heavy session or the start of a broader pullback in fund demand, while traders also track whether the $83,000 area is recovered or continues to act as a ceiling.

Source

This article was first published on COINOTAG: https://en.coinotag.com/bitcoin-btc-etf-outflows-484-9m-tuesday