Fidelity’s FBTC led the way with a significant outflow of $92 million, according to data from SoSoValue. The previous week saw U.S. spot bitcoin exchange-traded funds (ETFs) report a total outflow of $580 million, with continued net outflows on Monday totaling $145.83 million among 11 bitcoin ETFs. Fidelity’s FBTC alone accounted for a loss of $92 million, adding to its over $140 million net outflow from the previous week, despite typically experiencing large net inflows.
Ark Invest and 21Shares’ ARKB saw $50 million drained, while Grayscale’s GBTC and VanEck’s HODL also experienced negative flows of around $4 million. The only positive net inflow of $3 million came from Bitwise’s BITB, as BlackRock’s IBIT saw no transactions yesterday, despite being the largest spot bitcoin ETF by net asset value.
Investors appeared pessimistic as overall net inflows of spot bitcoin ETFs dropped to $14.96 billion, following a trend of net outflows after investors turned away from riskier assets due to uncertainty surrounding U.S. economic data. The recent FOMC meeting, which maintained the country’s interest rate at 5.25% to 5.50%, was a key driver of larger net outflows last week. Despite expectations for multiple rate cuts this year, the Fed announced only one in 2024.
CoinShares suggested in a report released on Monday that investors sold their fixed-supply assets in response to the “more hawkish-than-expected” FOMC meeting. The price of Bitcoin, which was hovering around $72,000 before the release of U.S. economic data, has since dropped to $65,735.
In other crypto news today, Tether has launched a gold-backed stablecoin tied to the U.S. dollar.