Bitcoin spot ETFs experienced significant outflows totaling $357.6 million on Monday, driven by a sharp decline in Bitcoin's hashrate and mining shutdowns in China. Fidelity's Wise Origin Bitcoin Fund led the sell-off with a $239.12 million outflow. The market reacted to Nano Labs CEO Jack Kong's confirmation that approximately 400,000 mining machines were shut down in China's Xinjiang province, causing an 8% drop in computing power. Bitcoin's price fell over 5% during the overlap of London and New York trading hours, reaching as low as $85,140 before stabilizing around $86,010. The sell-off in BTC spot ETFs was the largest since November 2025, with Fidelity, Bitwise, Ark & 21Shares, Grayscale, and VanEck among the major sellers. The outflows reduced BTC spot ETF net assets to $112.27 billion, down from $118.27 billion at the previous week's close.
Bitcoin ETFs See $357.6M Outflow Amid Hashrate Decline and Mining Shutdowns
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