Spot Bitcoin ETFs recorded their largest day of outflows in two weeks as the Federal Reserve cut rates, leading to a choppy day for US markets.
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US-listed spot Bitcoin exchange-traded funds (ETFs) shed $470 million on Wednesday as the price of Bitcoin briefly fell to $108,000 before recovering, according to data from Farside Investors.
Fidelity’s FBTC the exodus with $164 million, followed by ARK Invest’s ARKB, which saw a pullback of $143 million. BlackRock’s IBIT rounded out the top three with .
Grayscale’s GBTC also recoded $65 million in outflows, while BITB saw a relatively minor loss of $6 million.
The drawdown has come after a few days of steady gains, with $149 million coming in on Monday and over $202 million on Tuesday.
The outflows have also reduced cumulative net inflows to $61 billion, and total assets under management have declined to $149 billion, representing 6.75% of Bitcoin’s () market capitalization, to crypto investment research platform SoSoValue.
Bitcoin price feels pressure after rate cut
The price of Bitcoin has been drifting between $108,201 and $113,567 for the last 24 hours, to CoinGecko.
It fell despite to cut interest rates by 25 basis points, but it appears to have gained between US President Donald Trump and Chinese President Xi Jinping, where they discussed between the two countries.
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ETFs still hold a bulk of Bitcoin
In the past, analysts have told Cointelegraph that flows into ETFs are linked to the token’s price, from large inflows into the investment vehicles.
Despite the outflows, ETFs still hold more than 1.5 million Bitcoin worth $169 billion, representing 7.3% of the total supply, to Bitbo.
BlackRock’s IBIT leads the pack with 805,239 Bitcoin, Fidelity’s ETF is in second place with 206,258, and Grayscale’s GBTC has the third-largest holdings with 172,122.
Meanwhile, Michael Saylor, the chairman of MicroStrategy, isn’t concerned about price volatility, that Bitcoin will still hit $150,000 by the end of 2025 due to positive developments in the space.
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