Bitcoin ETFs (BTC) in U.S. Witness Unprecedented $563M Outflow, Unaffected by Fed’s Decision to Hold Rates

  • Spot bitcoin ETFs in the U.S. experienced a record outflow of $563 million on Wednesday, bringing the total to nearly $1.2 billion over the past week.
  • Fidelity’s FBTC saw the highest withdrawal at $191.1 million, potentially influencing investor sentiment.
  • Despite Federal Reserve Chairman Jerome Powell’s dovish stance, the ETF market outlook remained unchanged.

Bitcoin ETFs in the U.S. witness record outflows, with Fidelity’s FBTC leading the pack. Despite a dovish stance from the Federal Reserve, the ETF market outlook remains unchanged.

Record Outflows for U.S. Bitcoin ETFs

On Wednesday, U.S.-based spot bitcoin exchange-traded funds (ETFs) witnessed increased selling pressure, hitting a record outflow of $563 million since their inception on January 11. Data from CoinGlass revealed that 11 ETFs saw a combined net outflow of $563.7 million, continuing the decline that started on April 24. Over the past week, investors have withdrawn nearly $1.2 billion from these ETFs.

Fidelity’s FBTC Sees Highest Withdrawal

Fidelity’s FBTC saw the highest withdrawal on Wednesday, with investors pulling out $191.1 million. With FBTC among the ETFs with the most inflows in the first quarter, this development might influence investor sentiment. Moreover, GBTC was second on Wednesday’s list of outflows, with pullouts amounting to $167.4 million. In addition, ARKB and IBIT saw outflows of $98.1 million and $36.9 million, respectively.

ETF Market Outlook Unchanged Despite Powell’s Dovish Stance

During the day, Federal Reserve Chairman Jerome Powell reaffirmed a “net-dovish” stance, in which the central bank prioritizes employment and economic growth over liquidity tightening. However, Powell’s viewpoints did not change the outlook of the ETF market, which continued to witness selling pressure. Despite recent disappointing inflation figures, Powell emphasized the economy’s strength and dismissed concerns about increased rates or reduced liquidity.

Bitcoin’s Response to Powell’s Remarks

Bitcoin displayed sensitivity to anticipated shifts in liquidity conditions common among risk assets. Following Powell’s remarks, BTC experienced a brief uptick from $56,620 to $59,430. However, BTC is yet to regain the previous $60,00 mark, trading at $58,300, per data from Coinmarketcap.


Despite a dovish stance from the Federal Reserve, the U.S. Bitcoin ETF market witnessed record outflows, led by Fidelity’s FBTC. The market outlook remains unchanged, indicating that investors are still cautious. Bitcoin’s price showed a brief uptick following Powell’s remarks, but it is yet to regain its previous highs.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

Latest News

Indian Union Budget 2024-25 Ignores Cryptocurrency Industry, Maintains 30% Tax and 1% TDS

India's Union Budget for 2024-25 has elicited...

Bitcoin Set to Surge Over 100% to $120,000 Amid Chinese Economic Moves

The cryptocurrency market is abuzz...

XRP Soars 35% But Lacks New Investor Inflows Amidst Surge

XRP experienced a remarkable 35%...

PRO Analysis

Notcoin Price Forecast: Continued Bearish Trend Predicted for NOT

Notcoin continues to struggle in a bearish...

Toncoin Eyes Bullish Reversal Amid DeFi Growth and Low Inflation Rate

The Toncoin market demonstrates a...

Bitcoin Inches Towards $70,000 Amid Ethereum ETF Launch in the US

The Bitcoin price is experiencing increased volatility...

Shiba Inu Price Volatility and 500% Burn Rate Surge Signal Community Strength

Shiba Inu price experiences notable volatility while...
Jocelyn Blake
Jocelyn Blake
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.

Asia’s First Inverse Bitcoin ETF Debuts in Hong Kong Offering New Profit Opportunities

Hong Kong has introduced Asia's first inverse Bitcoin ETF, marking a significant milestone in crypto financial instruments. ...

Fantom (FTM) Shows Resilience Despite Recent Downturn: Key Market Insights and Analyst Predictions

Fantom (FTM), a notable player in the cryptocurrency sector, is navigating through a turbulent phase. The once-promising project has seen a...

Indian Union Budget 2024-25 Ignores Cryptocurrency Industry, Maintains 30% Tax and 1% TDS

India's Union Budget for 2024-25 has elicited strong reactions from the cryptocurrency community. The budget, presented by Finance Minister Nirmala Sitharaman,...