Bitcoin ETF Outflows Hit New Record Driving BTC Below $61,000
Bitcoin ETFs experienced the highest outflows since their January launch, causing the price of Bitcoin (BTC) to drop below the $61,000 mark.
The total outflows from all nine Bitcoin ETFs reached $326 million, surpassing the previous day’s record. BlackRock’s Bitcoin ETF (IBIT) saw net inflows of $75 million, followed by Fidelity’s Bitcoin ETF (FBTC) with $39.6 million. Other Bitcoin ETFs experienced minimal to no inflows, indicating that institutional investors are adopting a cautious stance in anticipation of the Federal Open Market Committee (FOMC) decision.
Grayscale Bitcoin ETF (GBTC) faced significant withdrawals, with net outflows hitting $444 million on Tuesday alone. The plunge pressured the general crypto market downward, falling 2.4% to hit $2.48 trillion in market capitalization.
(With inputs from Shikha Singh)
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