FOMC

Bitcoin ETF

Bitcoin

Million

<p>The latest report from CoinShares shows that the digital asset investment products experienced outflows totaling $600 million during the last week. This was the outcome of the more hawkish-than-expected FOMC meeting.</p>
<h3 id="bitcoin-etf-outflow-skyrocketed-last-week">Bitcoin ETF Outflow Skyrocketed Last Week</h3>
<p>Outflows from the US <a href="https://coingape.com/bitcoin-etf-records-200m-outflow-amid-btc-price-dip-what-next/" target="_blank" rel="noopener noreferrer nofollow">spot Bitcoin ETFs</a> contributed the most to a majority of the outflows last week. Grayscale’s GBTC ETF saw the largest outflows, with $274.3 million leaving the higher-fee fund. This was followed by Ark Invest’s ARKB and Fidelity’s FBTC, which experienced net outflows of $149.7 million and $146.3 million, respectively.</p>
<p>On the other hand, BlackRock’s IBIT was the only spot Bitcoin ETF registered net inflows last week, recording inflows of $41.6 million last week. As a result, the total net inflows in spot Bitcoin ETFs since inception dropped to $15.1 billion.</p>
<p>Before the last week, the spot Bitcoin ETFs recorded 19 consecutive days of heavy inflows bringing in more than $4 billion during this period. However, this streak of inflows ended last Monday, when the ETFs recorded $64.9 million in net outflows. In the three days in and around the FOMC meeting, the spot Bitcoin ETFs saw outflows to the tune of $200 million per day.</p>
<h3 id="btc-led-the-total-outflows-from-global-investment-products">BTC Led the Total Outflows From Global Investment Products</h3>
<p>Outflows totaling $621 million were exclusively directed towards Bitcoin, reflecting prevailing bearish sentiment. Additionally, there were inflows of $1.8 million into short Bitcoin positions. As a result, the <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin price</a> ended 7% negative during the last week.</p>
<p>“These outflows and recent price sell-off saw total assets under management (AuM) fall from above US$100bn to US$94bn over the week,” wrote James Butterfill in his CoinShares <a rel="noopener noreferrer nofollow" href="https://blog.coinshares.com/volume-187-digital-asset-fund-flows-weekly-report-03a835f3e795" target="_blank">report</a>.</p>
<p>Also, the trading volumes for the last week dropped to US$11bn, in comparison to the average $22 billion of weekly trading volume this year. However, this is still well above the $2 billion a week registered last year.</p>
<p>In terms of regional trends, the majority of outflows amounting to $565 million were observed in the US. However, negative sentiment was not limited to the US alone, as Canada, Switzerland, and Sweden also experienced outflows of $15 million, $24 million, and $15 million, respectively. In contrast, Germany saw inflows of $17 million, marking an exception to the overall trend of outflows.</p>
<p>The post <a href="https://coingape.com/hawkish-fed-stand-led-to-620-million-outflows-from-bitcoin-last-week/" rel="noopener noreferrer nofollow">Hawkish Fed Stand Led to $620 Million Outflows from Bitcoin Last Week</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.</p>

Hawkish Fed Stand Led to $620 Million Outflows from Bitcoin Last Week

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