U.S. Bitcoin ETFs See Record $563M Outflow Despite Fed’s Rate Hike Rejection

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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

U.S. Bitcoin ETFs See Record $563M Outflow Despite Fed’s Rate Hike Rejection

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Name	Price	24H (%)
Bitcoin(BTC)	$59,348.07	0.88%
Ethereum(ETH)	$2,726.36	6.58%
Tether USDt(USDT)	$1.00	0.00%
BNB(BNB)	$519.24	3.01%
Solana(SOL)	$146.67	3.64%
XRP(XRP)	$0.57	2.78%
Dogecoin(DOGE)	$0.107670	7.00%
Cardano(ADA)	$0.339219	3.22%
TRON(TRX)	$0.126778	-0.76%
Shiba Inu(SHIB)	$0.000014	3.95%
Polkadot(DOT)	$4.59	2.10%
Chainlink(LINK)	$10.57	5.62%
Litecoin(LTC)	$61.43	2.89%
Polygon(MATIC)	$0.426857	5.81%
Monero(XMR)	$150.59	1.06%
OKB(OKB)	$36.97	3.40%
ApeCoin(APE)	$0.62	7.04%