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Bitcoin Forum / Re: BlackRock's BTC ETF Posts 1st Day of Outflows Leading Record $563M Exit U.S spot
« on: May 03, 2024, 12:50:12 PM »
Fidelity's FBTC, not GBTC, led outflows on Wednesday in what may be an alarming development for the bulls. BlackRock's IBIT had its first-ever day of outflows, with $36.9 million exiting the fund. Fidelity's FBTC led outflows, shedding $191 million, followed by GBTC, ARKB and IBIT.
Fed Chair Powell ruled out a rate hike as the next move, catalyzing a brief bounce in BTC.
Investors dumped U.S.-based spot bitcoin (BTC) exchange-traded funds (ETFs) at the fastest pace ever on Wednesday, even as Federal Reserve (Fed) chairman Jerome Powell dismissed the prospect of a rate hike.
The 11 ETFs saw a cumulative net outflow of $563.7 million, the largest since the funds began trading on January 11, extending a five-day losing streak, according to data source Farside Investors and CoinGlass. Investors have pulled out nearly $1.2 billion from the ETFs since April 24. Also notable Wednesday were the first-ever outflows from BlackRock's iShares Bitcoin Trust (IBIT), which saw $36.9 million exiting the fund.
This is taken from here: https://www.coindesk.com/markets/2024/05/02/us-bitcoin-etfs-bleed-record-563m-even-as-feds-powell-rules-out-rate-hike/
I am hoping OP will put an attribute of the material so no one will be accused of plagiarism which is important issue on this forum.