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The recent unimpressive price action of Bitcoin is playing out in the minds of <a href="https://www.newsbtc.com/news/bitcoin/institutional-buyers-of-bitcoin/">institutional investors</a>, with recent data highlighting their bearish sentiment. This has led to a wave of <a href="https://bitcoinist.com/grayscale-spot-bitcoin-etf/" rel="nofollow">massive outflows</a> from <a href="https://bitcoinist.com/hong-kong-bitcoin-etfs-may-open-mainland-chinese/" rel="nofollow">&nbsp;Bitcoin investment products</a>, which could negatively impact the flagship crypto.&nbsp; 
<h2 id="bitcoin-investment-products-record-284-million-of-outflows">Bitcoin Investment Products Record $284 Million Of Outflows</h2> 
CoinShares revealed in a <a href="https://blog.coinshares.com/volume-181-digital-asset-fund-flows-weekly-report-47a9659e08ae" rel="nofollow">blog post</a> that Bitcoin investment funds recorded an outflow of $284 million last week. Most of these outflows are said to have come from the <a href="https://bitcoinist.com/breaking-spot-bitcoin-etfs-approved-by-us-sec/" rel="nofollow">US Spot Bitcoin ETFs</a>, which saw <a href="https://bitcoinist.com/bitcoin-spot-etfs-record-outflow/" rel="nofollow">outflows of $156 million</a> last week. CoinShares noted that last week was the first time these funds recorded such a measurable amount of outflows.&nbsp; 
Related Reading: <a href="https://www.newsbtc.com/news/ethereum/ethereum-fragile-fundamentals/">Can Ethereum Reclaim $4,000? Fragile Fundamentals Threaten To Send ETH Crashing</a> 
These US Spot Bitcoin ETFs indeed had a week to forget last week, as even BlackRock’s <a href="https://bitcoinist.com/bitcoin-tidal-wave-blackrock-etf-leads-inflows/" rel="nofollow">iShares Bitcoin Trust (IBIT) </a>recorded its first day of outflows since launch, with almost $37 million exiting the fund.&nbsp; 
CoinShares suggested that the magnitude of outflows was likely due to Bitcoin dropping below $62,000, which they estimate is the average purchase price of these ETFs since launch. Therefore, they claim that Bitcoin’s decline may have triggered automatic sell orders.&nbsp; 
Before now, institutional investors had already shown mixed feelings towards these funds thanks to Bitcoin’s recent price action. As such, it makes sense that Bitcoin dropping below $60,000 made them <a href="https://bitcoinist.com/spot-bitcoin-etf-noobs-panic-selling/" rel="nofollow">panic sell</a> instead of holding their positions.&nbsp; 
Despite this development, CoinShares noted that the Spot Bitcoin and Ethereum ETFs in <a href="https://bitcoinist.com/hong-kong-bitcoin-etfs-may-open-mainland-chinese/" rel="nofollow">Hong Kong</a> which launched last week, were a bright spot, recording $307 million in inflows in the first week of trading. The launch of these funds could prove timely, with Bitcoin <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-raises-bull-flag-formation-triggers-calls-for-100000/">needing a catalyst</a> to continue its upward trend.&nbsp; 
Interestingly, CoinShares revealed that Bitcoin was the only crypto asset to record outflows. On its part, Ethereum broke its seven-week streak of recording outflows, with $30 million flowing into Ethereum investment products. Other altcoins like <a href="https://bitcoinist.com/citibank-trials-tokenization-equity-funds-avalanche/" rel="nofollow">Avalanche</a>, Cardano, and Polkadot also saw inflows.&nbsp; 
<h2 id="spot-bitcoin-etfs-still-not-in-the-clear">Spot Bitcoin ETFs Still Not In The Clear</h2> 
With <a href="https://bitcoinist.com/gbtc-bitcoin-reaches-largest-discount-ever/" rel="nofollow">Grayscale’s GBTC</a> recording its first day of net inflows last week, there was the feeling that such development could spark a <a href="https://bitcoinist.com/bitcoin-spot-etfs-record-outflow/" rel="nofollow">turnaround in the outflows</a> that the Spot Bitcoin ETFs have been recording. However, that hasn’t been the case. On May 7, these funds <a href="https://x.com/FarsideUK/status/1788052170845065443" rel="nofollow">recorded</a> a net outflow of $15.7 million.&nbsp; 
Related Reading: <a href="https://www.newsbtc.com/news/ethereum/ethereum-whale-made-16-million/">Here’s How This Ethereum Whale Made $16 Million From A Single Trade</a> 
<a href="https://bitcoinist.com/grayscale-spot-bitcoin-etf/" rel="nofollow">GBTC</a> was again the primary culprit, with the fund seeing a net outflow of $28.6 million. These outflows have continued to affect <a href="https://bitcoinist.com/bitcoin-decline-is-a-bear-trap/" rel="nofollow">Bitcoin’s price</a> negatively, given the amount of selling pressure it is piling on the flagship crypto.&nbsp; 
At the time of writing, Bitcoin is trading at around $62,300, down over 2% in the last 24 hours, according to <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="nofollow">data</a> from CoinMarketCap.&nbsp; 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/xULHJsKQ/" alt="Bitcoin price chart from Tradingview.com" width="3286" height="1576">

Bitcoin Suffers Massive Outflows Amid Crypto Market Uncertainty, Tops $284 Million

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