Investors withdrew a record $563 million from the U.S.-based spot Bitcoin exchange-traded funds (ETFs) on Wednesday, despite Federal Reserve Chairman Jerome Powell ruling out a rate hike.  This marked the largest outflow since the ETFs started trading in January. Fidelity’s FBTC experienced the most significant outflow, followed by GBTC, ARKB, and IBIT.  The outflows are concerning for Bitcoin bulls as FBTC and IBIT had been attracting funds in the first quarter. Other funds also experienced outflows, despite Powell’s dovish approach supporting risk assets like Bitcoin.  While Bitcoin briefly rallied following Powell’s comments, it dropped back to $57,300. The launch of Asia’s first spot Bitcoin and Ether ETFs in Hong Kong with low volumes further dampened sentiment in the crypto market. Source: CoinDesk

According to crypto analysts, Bitcoin’s dominance in the cryptocurrency market may have peaked as traders shift their focus to altcoins.  The decrease in Bitcoin’s dominance suggests a potential upswing in the altcoin market, as investors allocate their capital from Bitcoin to more volatile altcoins.  However, there is still uncertainty surrounding this speculation, as rising fear levels in the market could drive traders back to Bitcoin as a safer store of value.  Bitcoin’s dominance currently stands at 53.90%, down 1.75% over the past week but still up 4.63% since the beginning of the year. Source: COINTELEGRAPH