Bitcoin ETFs Dump $463M as Fed Meeting Looms
Bitcoin exchange-traded funds (ETFs) saw significant outflows last week, totaling $462.7 million.
This marks a reversal from three weeks of heavy investor demand, which had seen investors pour approximately $3.8 billion into the products as Bitcoin rallied above $80,000.
The ETF withdrawals accelerated throughout the week, with net withdrawals of $46.7 million on Tuesday, followed by $120.2 million on Wednesday and $282.6 million on Thursday.
Ecoinometrics notes that while this is the first weekly loss for the funds since mid-August, it remains a modest reversal compared to the preceding demand.
The Federal Reserve meeting next week has added to the uncertainty surrounding Bitcoin's price action, with rising interest rates making it increasingly difficult for the cryptocurrency to hold above $75,000.