Tag: alternative and growth-oriented
Bitcoin ETFs end inflow run with $470.7m in outflows
The post Bitcoin ETFs end inflow run with $470. 7m in outflows appeared com. U. S. spot Bitcoin exchange-traded funds returned to net outflows on Wednesday as investors took profits and repositioned themselves ahead of Fed Chair Jerome Powell’s speech. Summary U. S. Bitcoin ETFs recorded $470. 7 million in net outflows on Wednesday. Spot ETF funds broke the inflow streak as Bitcoin failed to rally even after rate cuts were announced in the U. S. Fed Chair Jerome Powell has cast doubt on the likelihood of another rate cut this year. According to data from SoSovalue, the 12 spot Bitcoin ETFs recorded $470. 71 million in net outflows on Oct. 29, ending a streak of consecutive inflows seen over the prior four days that drew in around $462. 7 million into the funds. Fidelity’s FBTC and ARK 21Share’s ARKB led the outflows with $164. 36 million and $143. 8 million, leaving the funds. BlackRock’s IBIT and Grayscale’s GBTC funds shed $88 million and $65 million, respectively. None of the BTC funds saw any inflows on the day. Trading volume for these investment vehicles stood at $7. 07 billion, significantly higher than $4. 18 billion recorded the previous day. Meanwhile, their Ethereum counterparts also resumed outflows with $81. 44 million flowing out of the funds following two straight days of net inflows. Outflows from both Ethereum and Bitcoin ETFs likely came as investors opted to book profits and adopt a more cautious stance ahead of Federal Reserve Chair Jerome Powell’s press statement following the conclusion of the FOMC meeting yesterday. Although the Fed’s 25bps rate cut came in line with most analysts’ expectations, Bitcoin (BTC) and Ethereum (ETH) slipped as traders sold the news, a classic case of “buy the rumor, sell the news.” Powell also threw cold water on hopes for another rate cut this year, dashing the optimism bulls had built up in recent weeks. “A further reduction in the policy rate at.