Bitcoin ETFs Experience $434M Decline Amid BTC Surge to $60K

Bitcoin ETFs faced a significant outflow of $690 million as BTC approached $60,000, raising concerns over 'paper Bitcoin' and its scarcity.

Over the past week, Bitcoin exchange-traded funds (ETFs) experienced substantial net withdrawals amounting to $690 million. This decline coincided with Bitcoin's brief rise to the $60,000 mark, stirring renewed debate among analysts regarding the implications of 'paper Bitcoin' and the asset's inherent scarcity.

As a result of these outflows, the total assets held within Bitcoin ETFs have now dipped close to $80 billion. This development highlights ongoing concerns within the crypto investment community, particularly regarding the reliability and future of traditional financial products linked to digital assets.