Spot Bitcoin exchange-traded funds recorded about $389.7 million in net outflows during the Aug. 10-14 trading week, marking the largest weekly withdrawals since late June and reversing the strong start to August. The funds, launched in January 2024, are closely watched as a proxy for demand from traditional finance investors, which makes their weekly flows a recurring signal for the broader crypto market.

Fidelity’s FBTC led redemptions with $153.2 million in outflows, equivalent to about 2,438 BTC. GBTC followed with $88.3 million in outflows; the fund has seen recurring redemptions since its January 2024 conversion from a closed-end trust into an ETF, a pattern often attributed to its higher fees relative to cheaper rivals. IBIT, BlackRock’s fund and the largest of the group by assets, saw $78.9 million, while ARKB recorded $70.3 million in withdrawals.

The only funds to post inflows were Grayscale Mini BTC, which took in $76.0 million, and MSBT, which added $7.1 million.

According to Bloomberg data, the 13 U.S.-listed spot Bitcoin ETFs had previously recorded $853.5 million in net inflows in the prior week. The latest pullback was the largest weekly outflow since late June, when Bitcoin bottomed at $58.4K before buyers returned. If outflows deepen further, that $58.4K area will be a key level to watch for BTC.

The first week of August had delivered the ETFs’ strongest weekly inflow since April, helped by renewed concerns over digital asset security after a rare cold-wallet hack, which pushed some investors toward Bitcoin exposure through traditional financial products.

Tudor Investment Adds to IBIT Position

Even as U.S. spot Bitcoin ETFs saw broad redemptions, some large investors continued to adjust exposure. Tudor Investment Corp., the hedge fund founded by Paul Tudor Jones, increased its direct stake in BlackRock’s iShares Bitcoin Trust ETF (IBIT) during Q2 2026. Jones has publicly backed Bitcoin as an inflation hedge since 2020, so the firm’s ETF disclosures draw regular attention.

In a 13F filing submitted to the U.S. Securities and Exchange Commission (SEC) on Friday, August 14, Tudor reported holding 688,529 shares of IBIT valued at $22.9 million as of June 30. 13F filings, which institutional managers overseeing more than $100 million in U.S. equities must submit quarterly, show long positions as of quarter-end but do not capture short sales or hedges.

That position rose by 109,446 shares, or 18.9%, from 579,083 shares at the end of March. Based on current values, the holdings are worth around $24.5 million.

The firm also disclosed call options tied to 148,000 underlying IBIT shares, down 85.2% from 998,000 shares in March. Its put position slipped 1.4% to 715,000 underlying shares from 725,000.

The filing does not list the options’ strike prices or expiration dates, so the underlying share counts alone do not reveal Tudor’s directional exposure.

Bitcoin Price Remains Under Pressure

Bitcoin has struggled to move above $65,000 this month and has traded around $63,000 over the past week. During the same period, BTC posted a technical close below the important Weekly 200MA support, one of the most widely followed long-term trend benchmarks in crypto technical analysis.

Analyst Daan Crypto Trades said that a marginal close below that level does not necessarily confirm a breakdown. In his view, Bitcoin would need to move more decisively below the moving average and remain there for several consecutive weeks before the level could be considered broken.

He also noted that the bull market support band has moved lower and now sits at the same level as the Weekly 200EMA. Daan Crypto Trades added that volatility is likely to increase soon after an extended stretch of sideways trading in the crypto market.

Separately, analysts at 10x Research said Bitcoin trading volumes have fallen to a fraction of the levels seen after the U.S. presidential inauguration and during the October flash crash. They said BTC is now trading within its tightest range in months.

Options activity also suggests changing positioning among traders. Implied volatility, which reflects the options market’s expectations for future price swings, has fallen to levels rarely seen outside the typical summer lull. At the same time, ETF inflows remain muted, and MicroStrategy, the largest publicly listed corporate holder of Bitcoin, has become a seller for four consecutive weeks after being one of the market’s most consistent buyers over the past few years.