Bitcoin Spot ETFs See $52.8M in Outflows Amid Fed’s 50 Basis Point Rate Cut
Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...
U.S. spot Bitcoin exchange-traded funds (ETFs) experienced $52.83 million in net outflows on Wednesday, breaking a four-day streak of net inflows that had attracted over $500 million.
The reversal in trend comes amid the market’s reaction to the Federal Reserve’s recent decision to cut interest rates by 50 basis points.
The outflows were primarily driven by Ark Invest and 21Shares’ ARKB fund, which saw a significant withdrawal of $43.41 million, according to data from SoSoValue.
Grayscale’s Bitcoin Trust (GBTC) also reported a net outflow of $8.13 million, while Bitwise’s BITB registered a smaller outflow of $3.95 million.
The only spot Bitcoin fund to record net inflows was Grayscale’s Bitcoin Mini Trust, which gained $2.66 million.
Meanwhile, eight other funds, including BlackRock’s IBIT, reported no daily movements.
Despite the outflows, the 12 Bitcoin ETFs collectively reported a daily trade volume of $1.63 billion and an accumulated total net inflow of $17.44 billion.
In the Ether market, spot ETFs also saw outflows, with $9.74 million withdrawn as only two of nine funds had any net movements.
Both $BTC and $ETH spot ETF inflow negative but yet $BTC pumps to $62k
Where we head to from here?? I don’t know but trust me I’ve never been more bullish and patient at the same time
