Bitcoin ETFs lose $1.16B as Bitwise calls selling ‘short-term’

US spot Bitcoin exchange-traded funds (ETFs) recorded more than $1 billion in net outflows over three trading days, but crypto asset manager Bitwise says the withdrawals do not signal a lasting retreat by institutional investors.

Investors pulled another $116 million from the funds on Tuesday, bringing net outflows since Friday to $1.16 billion, according to SoSoValue data.

“I do think it’s related to a short-term risk-off environment rather than a structural change in institutional sentiment,” Bitwise’s head of research, André Dragosch, told Cointelegraph.

The withdrawals followed Binance’s $6.3 billion hack on Thursday, which raised concerns about investor confidence and ETF custody security.