U.S. Bitcoin ETFs hit by $671.9M outflow on Dec. 19, marking their largest-ever one-day sell-off. Read more.
Data from Farside Investors shows that Fidelity’s FBTC led the outflows, losing $208.5 million. Grayscale’s GBTC and ARK Invest’s ARKB followed with outflows of $208.6 million and $108.4 million, respectively.The record outflows coincided with sharp declines in Bitcoin and Ethereum prices. Bitcoin dropped 9.2% in the last 24 hours, settling around $93,145.17, while Ethereum experienced a steeper 15.6% decline. Over $1 billion was liquidated across the crypto market in this period.
The sell-off reinforced Bitcoin’s dominance in the crypto market, which stood at 57.4%, maintaining its position as the leading asset despite the recent turbulence.markets has also been linked to broader macroeconomic concerns. Investors anticipated a 0.25% interest rate cut from the U.S. Federal Reserve, but comments from Fed Chair Jerome Powell suggested a more cautious outlook.
Powell indicated that only two rate cuts may occur in 2025, signaling a slower pace of monetary easing than expected. The hawkish sentiment from the Federal Reserve also affected traditional markets, with the S&P 500 seeing a decline. Analysts believe this uncertainty may have further pressured the crypto market, as risk sentiment shifted away from growth assets.The last time this sentiment peaked was in April, when Bitcoin’s price fell from $70,000 to $67,000, before continuing its decline.
While some traders remain cautious, the renewed discussions suggest that a portion of investors remain optimistic about potential recovery opportunities in the crypto market.Olivia Stephanie is a FinTech enthusiast with a keen understanding of financial markets. Her passion for economics and finance has led her to explore emerging blockchain technology and cryptocurrency markets.Subscribe to get it daily in your inbox.
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