news 
US Bitcoin ETFs see historic outflows as brutal sell-off shakes crypto markets
In a surprising turn of events, US Bitcoin ETFs have witnessed the largest single-day outflows in their history. The event follows a brutal sell-off that has rocked the crypto market.
According to Farside Investors data, investors withdrew approximately $672 million from the 11 funds that directly hold Bitcoin on Thursday. This unprecedented level of withdrawal surpasses the previous record set on May 1, when investors pulled nearly $564 million in withdrawals following a 10% drop in Bitcoin’s value over a week.
Fidelity’s Bitcoin Fund (FBTC) led the exodus with an astonishing $208.5 million outflows, while Grayscale’s Bitcoin Mini Trust (BTC) recorded its lowest point since launch, with a staggering $188 million net outflow. ARK Invest’s Bitcoin ETF (ARKB) and Grayscale’s Bitcoin Trust (GBTC) also witnessed substantial withdrawals, with ARKB losing an alarming $108 million and GBTC shedding nearly $88 million.
On the other hand, three competing ETFs managed by Bitwise, Invesco, and Valkyrie collectively lost a significant $80 million. BlackRock’s iShares Bitcoin Trust (IBIT), which has accumulated a substantial $1.9 billion in net inflows so far this week and was a major contributor to the group’s recent strong performance, recorded zero flows for the day.
WisdomTree’s Bitcoin Fund (BTCW) emerged as the sole gainer, attracting an impressive $2 million in new investments. The sudden downturn in cryptocurrency prices triggered $1 billion in leveraged liquidations on Thursday, Crypto Briefing reported.
The market turmoil is believed to have been sparked by the Federal Reserve’s hawkish messaging following its rate cut decision. Despite price volatility persisting, the Crypto Fear and Greed Index still indicates a sentiment of greed at 74, which has only dropped one point from yesterday.
The cryptocurrency market’s brutal sell-off has sent Bitcoin’s price plummeting below $96,000, where it currently trades around $97,000, down by 4% over the past 24 hours, as per CoinGecko data.
Source: cryptobriefing.com
