Spot Bitcoin Exchange-Traded Funds (ETFs) recorded their largest daily outflows in two weeks, totaling $470 million. This occurred concurrently with the U.S. Federal Reserve's decision to cut interest rates, leading to market volatility in the U.S.
According to data from Farside Investors, U.S.-listed spot Bitcoin ETFs experienced withdrawals totaling $470 million on Wednesday. This downturn briefly pushed Bitcoin's price down to $108,000 before a subsequent recovery. Key ETFs affected by the outflows included:
- Fidelity (FBTC): $164 million
- ARK Invest (ARKB): $143 million
- BlackRock (IBIT): $88 million
- Grayscale (GBTC): $65 million
- Bitwise (BITB): $6 million
These withdrawals followed several days of positive inflows, with $149 million on Monday and over $202 million on Tuesday. The recent outflows have reduced the cumulative net inflows for Bitcoin ETFs to $61 billion, bringing the total assets under management (AUM) down to $149 billion, which represents approximately 6.75% of Bitcoin's market capitalization, as reported by crypto investment research platform SoSoValue.
Over the past 24 hours, Bitcoin's price fluctuated between $108,201 and $113,567. Initially, Bitcoin's value declined despite the U.S. Federal Reserve's 25-basis-point interest rate cut. However, it later showed signs of recovery following a meeting between U.S. President Donald Trump and Chinese President Xi Jinping, where trade tensions were discussed.
Despite the recent outflows, Bitcoin ETFs collectively still hold over 1.5 million Bitcoin, valued at $169 billion, accounting for 7.3% of the total supply, as reported by Bitbo. The largest holders include:
- BlackRock (IBIT): 805,239 Bitcoin
- Fidelity (FBTC): 206,258 Bitcoin
- Grayscale (GBTC): 172,122 Bitcoin
Michael Saylor, co-founder of MicroStrategy, expressed unconcern regarding price volatility, maintaining his bullish forecast that Bitcoin will reach $150,000 by the end of 2025, driven by positive developments within the crypto space.