United

Jerome Powell

Bitcoin ETF

Spot

Grayscale Bitcoin Trust

The United States Spot Bitcoin ETFS market is bleeding, with reports unveiling <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-etf-outflows-beyond-grayscale/" rel="nofollow noopener" target="_blank">outflows</a> exceeding $500 million in a single day. This unexpected development emerges <a href="https://www.newsbtc.com/news/bitcoin/spot-bitcoin-etfs-outflows/" rel="nofollow noopener" target="_blank">amidst the broader market crash</a> for Bitcoin, which has been witnessing a string of declines for the past month. 
<h2 id="spot-bitcoin-etfs-experience-massive-outflows">Spot Bitcoin ETFs Experience Massive Outflows</h2> 
For the first time since its launch, ten Spot Bitcoin ETFs in the United States have <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-etf-outflows-btc-price/" rel="nofollow noopener" target="_blank">witnessed record-breaking outflows</a>. On Wednesday, May 1, Spot Bitcoin ETFs collectively recorded a staggering outflow of $563.7 million.&nbsp; 
This <a href="https://www.newsbtc.com/crypto/crypto-funds-outflows-435-million/" rel="nofollow noopener" target="_blank">massive sell-off</a> comes after the Federal Open Market Committee (FOMC) meeting spanning from April 30 to May 1, during which Federal Reserve (FED) Chair, <a href="https://www.newsbtc.com/breaking-news-ticker/powell-speaks-at-jackson-hole-bitcoin-volatility-comes-back-with-a-vengeance/" rel="nofollow noopener" target="_blank">Jerome Powell </a>announced the decision to maintain interest at their current levels. Despite expectations for a rate cut, the decision to <a href="https://bitcoinist.com/bitcoin-takes-a-hit-as-fed-puts-rate-cuts-on-hold/">keep rates unchanged swiftly affected </a><a href="https://www.newsbtc.com/news/fomc-preview-bitcoin-crypto-fed-rate-move/" rel="nofollow noopener" target="_blank">BTC</a>‘s price, triggering further declines in the pioneer cryptocurrency. 
According to <a href="https://farside.co.uk/?p=997" rel="nofollow noopener" target="_blank">data</a> from Farside, a London-based investment management company, Fidelity Wise Origin Bitcoin Fund (FBTC) experienced the largest outflow of $191.1 million, amongst the ten Spot Bitcoin ETFs. This was followed by Grayscale Bitcoin Trust ETF (GBTC) witnessing approximately $167.4 million outflows.&nbsp; 
<a href="https://x.com/jseyff/status/1785840339003077024?s=46" rel="nofollow" target="_blank">Recording</a> its first outflow since its launch in January, iShares Bitcoin Trust (IBIT) managed by global asset management company, BlackRock, saw a whopping $36.9 million in outflows. Towards the end of April, IBIT also saw <a href="https://bitcoinist.com/blackrock-spot-bitcoin-etf-inflows/">zero outflows for three consecutive days</a>, ending its 71-day inflow streak since it began trading.&nbsp; 
The other nine Bitcoin ETFs witnessing <a href="https://bitcoinist.com/crypto-investors-hit-the-brakes-digital-asset-funds/">substantial outflows</a> include Bitwise Bitcoin ETF (IBIT), Ark 21Shares Bitcoin ETF (ARKB), Invesco Galaxy Bitcoin ETF (BTCO), Franklin Bitcoin ETF (EZBC), Valkyrie Bitcoin Fund (BRRR), VanEck Bitcoin Trust (HODL), and WisdomTree Bitcoin Fund (BTCW). 
Hashdex Bitcoin ETF (DEFI) was the only Spot Bitcoin ETF with zero flows, while Invesco and Galaxy’s Bitcoin ETF experienced the lowest outflows of about $5.4 million.&nbsp; 
This mass exodus observed in Spot Bitcoin ETFs could suggest a potential shift in investor sentiment, especially in the wake of the FED’s announcement. However, Bloomberg ETF analyst, James Seyffart <a href="https://x.com/jseyff/status/1785843582420541666?s=46" rel="nofollow" target="_blank">reassures</a> that inflows and outflows were a normal occurrence in an ETF. 
<h2 id="btc-price-crashes">BTC Price Crashes</h2> 
The <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-crash-or-surge-fed-btfp-ends-in-5-days/" rel="nofollow noopener" target="_blank">Bitcoin market is crashing</a> as the price of the cryptocurrency has witnessed crippling declines over the past month. Despite surging to new all-time highs of more than $73,000 in March 2024, <a href="https://www.newsbtc.com/news/fomc-preview-bitcoin-crypto-fed-rate-move/" rel="nofollow noopener" target="_blank">BTC</a> witnessed a massive price correction following the highly anticipated <a href="https://www.newsbtc.com/news/bitcoin/fourth-bitcoin-halving-completed/" rel="nofollow noopener" target="_blank">Halving Event</a> on April 20. 
At the time of writing, Bitcoin’s price is trading <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-settles-60k/" rel="nofollow noopener" target="_blank">significantly below the $60,000 support level</a> at $57,632, according to CoinMarketCap. Earlier on April 30, the cryptocurrency was trading slightly above $59,000, however in a matter of days, it underwent a sharp decline, marking a significant 3.42% drop in the past 24 hours.&nbsp; 
The cryptocurrency has also recorded <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-dips-below-57000-4-key-reasons/" rel="nofollow noopener" target="_blank">weekly declines</a>, experiencing a 10.42% drop in its overall price. Crypto analyst, Ali Martinez has <a href="https://x.com/ali_charts/status/1785745504673866190?s=46" rel="nofollow" target="_blank">suggested</a> that it may be time to <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-correction-68800/" rel="nofollow noopener" target="_blank">buy the dip</a>, as Bitcoin’s 30-day Market Value to Realized Value (MVRV) is currently down by 11.6%. 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/aHCXCiEW/" alt="Bitcoin price chart from Tradingview.com" width="3286" height="1530">

Bitcoin Spot ETFs Reach Record Outflow Numbers Amid Market Crash

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Bitcoinist

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