Spot Bitcoin exchange-traded funds (ETFs) witnessed significant outflows totaling $145.83 million on Monday. This comes after a challenging week where these ETFs experienced $580 million in outflows, according to data from CoinShares. This marked a notable shift for the ETFs, which had been on a prolonged streak of net inflows.
Read CRYPTONEWSLAND onFidelity’s (FBTC) saw the largest outflows, with $92 million leaving the fund on Monday alone. FBTC, which generally attracts considerable net inflows, reported outflows of around $140 million over the previous week.
Other funds such as Ark Invest and 21Shares’ ARKB experienced net outflows of $50 million. Grayscale’s GBTC and VanEck’s HODL also recorded negative flows, each seeing around $4 million in outflows. On a more positive note, Bitwise’s BITB reported minor net inflows of $3 million, while BlackRock’s IBIT remained neutral with zero net flows.
The net outflows brought the cumulative total net inflows of spot bitcoin ETFs down to $14.96 billion, SoSoValue’s data showed. BTC ETFs in the U.S. saw their longest period of net inflows end last week.
Market Conditions Influence Investor Behavior
The recent outflows from spot Bitcoin ETFs were influenced by several economic factors. A Combination of U.S. non-farm payroll and unemployment figures caused investors to show anxiety and divest from risky assets.
The Federal Open Market Committee meeting resulted in increased volatility as the Fed kept the interest rate unchanged at 5.25% to 5.50%, disappointing investors who anticipated multiple rate cuts this year. Only one rate reduction is planned for 2024.
Report from CoinShares showed that investors decreased their investment in fixed-supply assets in response to the hawkish stance of the FOMC meeting. Economic signals led to a 1% drop in the price of Bitcoin over the last day, causing it to fall from around $72,000 to $65,490.
Discover how #BlockDAG's X100 Miner, poised to earn $60,000 daily beats #ICPcryptoprediction & #Renderprice surge,…
Discover the evolving #cryptocurrency landscape with #Fetch.ai's recovery plans, #Ethereum's expansive growth and new applications,…
#Consensys acquires Wallet Guard, enhancing #MetaMask's security with advanced scam detection and user protection in…
Explore the potential of doubling your #investments this year as we delve into a comprehensive…
Jupiter Exchange to distribute $60M in Active Staking Rewards! Eligible voters in JUP DAO proposals…
Discover #BlockDAGKeynote2 sparking a 20,000x ROI forecast for 2024, amid #Dogwifhat’s rise and #Monero’s unstable…