The Fed took a sledgehammer to the institutional crypto bid.
US spot $BTC ETFs suffered their worst day since January, bleeding $635.2 Million in a single session on May 13.
• BlackRock's IBIT led the exits: -$285M
• ARK 21Shares: -$177M
• Fidelity: -$133M
Hot CPI (3.8%) and PPI (6%) prints have Wall Street pricing in rate hikes instead of cuts. When macro panics, the ETF doors get crowded.