Massive Outflows
The US Spot Bitcoin ETF market has witnessed record-breaking outflows, with over $500 million leaving in a single day. This comes as Bitcoin’s price continues to decline.
Impact of FED Announcement
The outflows occurred after the Federal Reserve’s decision to maintain interest rates, despite expectations for a cut. This triggered further declines in Bitcoin’s price.
Top Outflows
Fidelity Wise Origin Bitcoin Fund (FBTC) experienced the largest outflow of $191.1 million, followed by Grayscale Bitcoin Trust ETF (GBTC) with $167.4 million.
Investor Sentiment
The mass outflows suggest a shift in investor sentiment, potentially due to the FED’s announcement.
BTC Price Crash
Bitcoin’s price has been plummeting over the past month, despite reaching all-time highs in March 2024. At the time of writing, it’s trading below $60,000.
Analyst’s Perspective
Crypto analyst Ali Martinez suggests it may be a good time to buy Bitcoin as its 30-day Market Value to Realized Value (MVRV) is down by 11.6%.
