Bitcoin fluctuates and falls, with US spot ETF losing $740 million in three days
Bitcoin spot ETF in the United States experienced three days of outflows, totaling USD 740 million. Investors' interest in Bitcoin ETF has cooled down, but it is still one of the best-performing ETFs on the market. The Federal Reserve hinted at a rate cut, causing Bitcoin prices to rise by over 5%. However, as the ETF fund flow data seeped out, Bitcoin's rebound ended in failure. The trading price of Bitcoin is about USD 6,500 lower than its historical peak
According to the Zhitong Finance and Economics APP, the 10 spot Bitcoin exchange-traded funds (ETFs) in the United States experienced the largest three-day outflow of funds since their debut in January. From Monday to Wednesday, these ETFs saw a net outflow of $742 million, with the Grayscale Bitcoin Trust experiencing fund outflows, and subscriptions to products from BlackRock and Fidelity slowing down.
Investor interest in US spot Bitcoin ETFs cools down
Data compiled by Bloomberg shows that these funds have received a net inflow of $11.4 billion to date, making them still one of the best-performing ETF categories.
On Wednesday, as the Federal Reserve hinted at a rate cut, the price of Bitcoin in the United States rose by over 5%. However, as ETF fund flow data permeated the market, Bitcoin's rebound on Thursday ended in failure in Asia, contrasting sharply with further gains in global stock markets and gold.
Chris Weston, research director at Pepperstone Group, stated that after the Federal Reserve announced its interest rate decision, cryptocurrencies regained some momentum but more work needs to be done to drive further gains.
At the time of writing, the trading price of Bitcoin is $67,300, about $6,500 lower than the historical peak set on March 14th, when bullish sentiment towards spot ETFs was increasing, and the growth in supply of this token is about to slow down