More than $385 million flowed out of spot bitcoin exchange-traded funds (ETFs) last week, but bitcoin held near the $64,000 level with little change.

On Aug. 17 (local time), blockchain media outlet Bitcoin Magazine reported that investors began pulling funds quickly from major spot bitcoin ETFs after a bullish run in early August.

According to data compiled by Farside Investors, more than $385 million left spot bitcoin ETFs last week. The previous week was the opposite. Fresh money flowed into the ETFs each day, and weekly inflows topped $865 million. That was the biggest weekly inflow since April.

Despite the reversal in fund flows, bitcoin prices were relatively calm. Bitcoin recently traded in the $64,000 range, with no notable moves over the past week and 30 days. The outflows did not immediately lead to a sharp price drop.

Market sentiment, through the end of July, did not swing sharply on negative news. A Coldcard hack on July 31 exposed a software vulnerability and led to the theft of a large amount of bitcoin, but investors were not overly concerned. ETF buying also continued when a vote on the Clarity bill, watched by the crypto industry, was delayed.

But the trend changed last week. As Middle East tensions flared again, investor sentiment weakened and money began to leave major investment vehicles. Outflows were largest from BlackRock's iShares Bitcoin Trust (IBIT) and Fidelity's Wise Origin Bitcoin Fund (WBTC). By contrast, a Morgan Stanley fund launched in April posted net inflows.

The macro environment is also cited as a burden. A prolonged war between the United States and Iran and rising oil prices could raise concerns about inflation picking up again. Bitcoin typically tends to strengthen when inflation eases and expectations for rate cuts rise. If the war drags on and price pressures rise again, upside across risk assets could be limited.

Bitcoin, along with stock markets, rebounded briefly when U.S. President Donald Trump signalled the possibility of an agreement with Iran, but the war continues. Against that backdrop, ETF outflows are seen as reflecting both short-term profit-taking and macroeconomic uncertainty.

Performance since the start of the year is also a burden. A July NYDIG report said bitcoin had become the "worst-performing asset year to date" compared with U.S. Treasuries, silver and currencies such as the Swiss franc. The report said that if a similar pattern repeats to past down cycles, a potential cycle low could open toward the $38,000 to $39,000 range.

The market's next focus is whether ETF outflows remain a temporary correction or develop into a longer withdrawal of funds alongside macro instability. Prices are still stable, but recent fund flows show that investors' risk appetite can shift quickly.