Spot Bitcoin ETFs Bleed: 6,700 BTC Exit Amidst Largest Outflow In Months
Investors withdrew a record $680 million from Bitcoin ETFs, marking the highest outflow since January. This occurred as Bitcoin's price dropped 5% to around $97,400, following the Federal Reserve's updated economic projections, which now indicate only two quarter-point rate cuts in 2025, down from four. Grayscale’s Bitcoin Trust and Bitwise’s Bitcoin ETF saw declines of about 8% since the Fed's announcement. Thursday's outflows ended a 15-day inflow streak totaling approximately $5.3 billion. Bitcoin fell below $100,000 after reaching a record high of over $108,000 earlier in the week. Analysts warn of continued sell-offs and potential market volatility, with speculation that total cryptocurrency market capitalization could drop below $3 trillion. Liquidations in long and short positions exceeded $240 million in 24 hours, contributing to bearish sentiment. Bitcoin stabilized above $97,400 despite recent losses.
