This is the largest net outflow over 30 days since the launch of crypto ETFs in January 2024. It comes amidst the longest period of outflows from BTC-ETFs, lasting six weeks. As a result, the total net inflow into BTC-ETFs has decreased by 15.2%—from $63 billion to $53.4 billion. The market capitalization of BTC-ETFs has also declined to $78.3 billion, which constitutes 6.2% of the coin's supply. The outflow of funds may indicate a weakening of institutional confidence in BTC. However, Jay Jacobs from BlackRock argues that this could simply be a transfer from their spot BTC-ETF—IBIT to the yield-bearing BTC-ETF—BITA. BlackRock launched this product just last week. He emphasized that the short-term outflow does not alter their stance on BTC or its utility.