Mystery Surrounds $500 Million Outflow From Bitcoin ETF (1)

North America’s first Bitcoin exchange-traded fund is at the center of a crypto-market guessing game after it saw record one-day outflows of $500 million last week.

The withdrawals from the Purpose Bitcoin ETF (ticker BTCC) equaled about 24,510 Bitcoin, or around 51% of its asset under management on Friday, according to data compiled by Bloomberg and analysts.

“Obviously, this one was more of a larger outflow in this case, and, to me, this is more of a reflection of investors’ views on the market,” said Vlad Tasevski, chief operating officer at Purpose Investments. He added that the company ...