U.Today - On-chain data aggregator CryptoQuant has posted a tweet pointing out at a negative trend related to spot Bitcoin exchange-traded funds.

It believes that institutional investors might be losing interest in this brand new asset, which launched at the start of last year and attracted billions of U.S. dollars once it began to conquer the financial markets.

"Bitcoin ETF demand is cooling"

CryptoQuant shared an infographic showing a sharp decline in spot Bitcoin ETF inflows. The company’s chief executive and founder, Ki Young Ju, added a comment to clarify the infographic reading. He said that while the overall amount of assets under management in Bitcoin ETFs face a substantial decline, “it can be considered as a substantial withdrawal of institutional investors.”

However, he rushed to add that since ETF products only trade on weekdays, there is no data on weekends. Besides, updates may face significant delays if companies take a lot of time to refresh their ETF data.

Bitcoin ETFs lose $713 million in single week

Over the past week, ETFs experienced a major outflow of $713 million, with BlackRock’s IBIT fund losing $343 million — the largest outflows among Bitcoin ETFs.

It might be caused by growing investor concerns about the current economic instability despite Bitcoin’s surge of 11.15% since Wednesday, April 9, when the BTC price soared from $76,210 to the $84,760 level, where it is trading at press time.

Last Friday, in particular, Bitcoin ETFs faced outflows of close to $200 million (2,359 BTC). BlackRock (NYSE: BLK ) lost zero Bitcoins, but Fidelity, Invesco Galaxy and Grayscale lost 938 BTC, 578 BTC and 419 BTC, respectively.

On Monday, April 7, the inflows from Bitcoin ETFs constituted $151.8 million, while BTC nosedived below $80,000.

This article was originally published on U.Today