Sygnum CIO Fabian Dori says recent bitcoin ETF outflows are more likely tied to arbitrage unwinds and macro liquidity pressures than investors rotating into anticipated IPOs such as SpaceX.

ETF outflows persist as SpaceX IPO amasses liquidity.

Spot Bitcoin ETFs posted a fourth straight week of billion-dollar outflows, while Ether ETFs shed another $173 million as investors cut crypto exposure amid macro uncertainty.