Crypto
Fed Rate Hike Triggers $520M in Combined Outflows from US Bitcoin and Ethereum ETFs
The Federal Reserve's interest rate hike has led to significant outflows from U.S. spot Bitcoin and Ethereum ETFs, with combined net withdrawals reaching $520 million on September 16.
BlackRock's Bitcoin fund (IBIT) and Ethereum fund (ETHA) accounted for nearly half of the total outflows, losing a combined $254 million, according to CryptoRank data.
The rate hike saw the Fed raise its benchmark rate by 25 basis points to 3.75-4.00%, while Bitcoin's price also slid towards the $75,000-$76,000 range amid weaker risk demand.