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According to data from Farside Investors, outflows from Bitcoin ETFs topped $647 million amid four consecutive days of capital flight.
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National Bank of Canada — one of the country’s largest commercial banks — has signaled bearish sentiment on Bitcoin (BTC) by acquiring a right to sell a portion of its Bitcoin exchange-traded fund (ETF) holdings.
According to a Feb. 12 Securities and Exchange Commission (SEC) filing, the bank filed for a put option to sell over $1.3 million of BlackRock’s iShares Bitcoin Trust ETF.
The filing also shows the bank had over $94.3 billion in total holdings across asset classes as of Dec. 31, 2024.
National Bank of Canada’s puts on the Bitcoin ETF holdings come amid several days of Bitcoin ETF outflows as markets react to an international trade war and macroeconomic uncertainty by fleeing risk-on assets for safe-haven financial instruments.
National Bank of Canada detailed asset activity. Source: Securities and Exchange Commission
Related: SEC seeks comment on in-kind redemptions for Bitcoin, Ether ETFs
Markets react to macroeconomic uncertainty — Bitcoin stalls and bleeds
Data from Farside Investors shows that outflows from Bitcoin ETFs began on Feb. 10, with over $183 million in liquidity pulled by investors.
Outflows continued on Feb. 11, with $56.7 million, and surged to $251 million on Feb. 12. Bitcoin ETF outflows continued for a fourth consecutive day on Feb. 13, with over $156.8 million in funds leaving BTC ETFs.
Bitcoin ETF flows. Source: Farside Investors
US President Donald Trump recently announced several rounds of tariffs, starting with import taxes on goods from China, Mexico, and Canada.
The announcement caused the price of Bitcoin to sink below $100,000 where it has mostly remained since markets began digesting the news.
Following the initial round of tariffs, the US President imposed a 25% tariff on steel and aluminum imports and sweeping reciprocal tariffs on trading partners.
This article first appeared at Cointelegraph.com News
