Mystery: $500M Outflow From Canadian Bitcoin ETF

(Bloomberg) — 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.Most Read from BloombergThe 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 does not have direct visibility into who’s doing the trades given how the ETF’s structure works. “Even if we knew, typically we don’t actually comment on what our clients are doing.”The selling came as the crypto market went throu …

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