U.S. spot Bitcoin ETFs have now recorded their third straight day of outflows, with total withdrawals crossing $490 million. Following this selling pressure, Bitcoin price dropped 3% after the Federal Reserve kept interest rates unchanged, and is now trading at $75,621.
Last week alone recorded a strong consecutive inflow of $823.7 million, contrasting sharply with the recent outflows.
Three Days, $490 million in $BTC ETF Outflow
It has been a rough week for Bitcoin ETFs. Since the start of this week, money has been leaving these funds for three straight days.
On Monday, April 27, the biggest hit came in the form of $263.2 million in net outflows from ETFs. This was the largest single-day withdrawal of the week. April 28 brought a little relief, but money continued to leave. Another $89.7 million flowed out of the market.
Then on April 29, the day of the Fed’s rate decision, ETFs recorded another $137.6 million in outflows. This confirmed that the selling was not just a one-day event, but part of a growing trend.
Leading the withdrawals was Fidelity’s FBTC, which recorded the largest outflow of $191.5 million. It was followed by BlackRock’s IBIT, the largest spot Bitcoin ETF by assets under management, with $166.9 million in outflows. Ark Invest’s ARKB came next with $73.3 million.
In total, more than $490 million was pulled from U.S. spot Bitcoin ETFs in less than 72 hours.
This outflow comes right after nine consecutive days of inflows, during which Bitcoin ETFs recorded steady inflows totaling $2.111.2 billion.
Fed Held Rates, No Hope of Cuts Soon
The main reason behind this week’s ETF outflows is that the Federal Reserve kept interest rates unchanged at 3.50%–3.75%. This was the third straight time rates were left unchanged.