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Fed Effect: Biggest Net Outflow Day for Bitcoin ETFs Led to Crash Below $96K
The recent market turmoil has seen a significant impact on the cryptocurrency market, particularly in the Bitcoin (BTC) space. A massive net outflow of funds from Bitcoin ETFs led to a crash below $96K, as reported by CryptoPotato. This is undoubtedly one of the most substantial and rapid sell-offs experienced by the cryptocurrency market.
The dramatic turn of events can be attributed to the comments made by Federal Reserve Chairman Jerome Powell during his latest FOMC meeting. His statements about inflation and interest rates sent shockwaves throughout the global financial markets, causing investors to reassess their risk profiles. Unfortunately for Bitcoin enthusiasts, this resulted in a massive sell-off that saw the price plummet from over $105,000 to below $96,000.
The statistics indicate that December 19th was the worst day ever recorded for Bitcoin ETFs in terms of daily net outflows. A staggering $671.9 million were pulled out of these financial instruments, with notable exceptions being Fidelity’s FBTC and Grayscale’s BTC, which led the pack with withdrawals of $208.5 and $188.6 million respectively.
In contrast, BlackRock’s IBIT managed to maintain a relatively stable position, although it did not attract any new investment. Nevertheless, its inaction was not enough to stem the tide of investor fear that drove the market downwards.
Source: cryptopotato.com
