Important points
- US Bitcoin ETFs experienced historic outflows, with investors withdrawing $672 million in one day.
- Fidelity's Bitcoin fund led the outflow, followed by Grayscale ETF and ARK Invest ETF.
Share this article
The U.S. Spot Bitcoin ETF suffered its largest single-day outflow on record as the cryptocurrency market plummeted following the FOMC meeting. According to far-side investors dataabout $672 million exited those funds on Thursday, ending a period of net inflows that began in late November.
This large withdrawal shattered the previous record of approximately $564 million, set in May. 1, At the time, nearly $564 million was withdrawn from a group of Spot Bitcoin ETFs after Bitcoin fell 10% in a week to $60,000.
Fidelity's Bitcoin Fund (FBTC) led the outflows with $208.5 million in outflows, while Grayscale's Bitcoin Mini Trust (BTC) saw its lowest since inception with over $188 million in net outflows. was recorded.
ARK Invest Bitcoin ETF (ARKB) and Grayscale Bitcoin Trust (GBTC) also saw huge withdrawals, with ARKB losing $108 million and GBTC losing nearly $88 million. Meanwhile, three competing ETFs managed by Bitwise, Invesco and Valkyrie suffered a combined loss of $80 million.
BlackRock's iShares Bitcoin Trust (IBIT), which recorded net inflows of $1.9 billion this week and contributed significantly to the group's recent strong performance, recorded zero flows for the day.
WisdomTree’s Bitcoin Fund (BTCW) was the only gainer, attracting $2 million in new investment.
Bitcoin's price fell below $96,000 during the market downturn and is now trading at around $97,000, down 4% in 24 hours, according to CoinGecko. data. The sharp decline in all assets triggered a $1 billion leveraged liquidation on Thursday, Crypto Briefing reported.
The market turmoil followed the Fed's hawkish message after its decision to cut interest rates. The Fed cut interest rates by 25 basis points on Wednesday, but signaled that the cuts would be smaller in 2025.
Although price fluctuations continue, fear and greed towards virtual currencies index Greed sentiment remains at 74, down only 1 point from yesterday.
Share this article
