Bitcoin (BTC) ETFs Drop $563M: BlackRock’s IBIT Experiences First Daily Loss
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- Spot Bitcoin ETFs in the United States experienced their worst day on record Wednesday, with over half a billion dollars in net outflows for the first time since their January debut.
- As Bitcoin’s price fell to its lowest point in two months, spot Bitcoin ETFs saw $563 million in net outflows, far exceeding a previous record of $326 million in daily net outflows seen in mid-March.
- The outsized bleed from Bitcoin funds came as the Federal Reserve affirmed that its fight against inflation is likely far from over.
Spot Bitcoin ETFs in the United States undergo their worst day on record, with over half a billion dollars in net outflows, amidst a drop in Bitcoin’s price.
Federal Reserve’s Stance on Inflation
The U.S. central bank kept interest rates fixed at their highest levels in over 23 years following its May policy meeting. Despite this, Fed Chair Jerome Powell stated that tighter monetary policy that could weigh on risk assets like stocks and crypto was “unlikely” to be next. Following his remarks, Bitcoin climbed to $58,500, yet it remains down 8% over the past week.
