On Wednesday, Bitcoin ETFs traded in the United States faced hefty net redemptions, with $52.83 million in outflows.
The largest Bitcoin ETF outflow was in Ark Invest and 21Shares’ ARKB, with $43.41 million flowing out of the fund. Grayscale’s GBTC followed with net outflows of $8.13 million, while Bitwise’s BITB had net outflows of $3.95 million.
However, Grayscale’s Bitcoin Mini Trust saw net inflows of $2.66 million, while the rest of the funds, including BlackRock’s IBIT, had no movement in the day.
Bitcoin Rises Following FOMC Rate Decision
The most recent FOMC meeting set the stage for Bitcoin’s price jump of 4.42% to $62,605. The committee, in releasing the first quarter monetary policy statement, decided to reduce interest rates by 50 basis points, which influenced the market positively.
Investors have taken the Federal Reserve’s statement regarding economic stability and its rosy prediction of a soft landing seriously. AltaCross Asset Management also helped other cryptos, with Ether surging 4.14% and Solana experiencing a 6.21% spike. Rising investors’ appetite for risk, as evidenced by equity markets’ performance, also reflects this.
Ethereum ETFs Face Third Day of Outflows
Spot Ethereum ETFs also saw the third day of redemptions in a row. Of the nine Ether funds, only two experienced net flows, and Grayscale’s ETHE lost $14.66 million. But BlackRock’s ETHA went against this trend and posted $4.92 million in net inflows.
The Ether funds’ daily trading volume stood at $221.88 million compared to $176.26 million on Tuesday. Even though the volume has gone up, the total net outflow for Ether ETFs since they were launched in July has been at $615.58 million. This is due to the fact that there is still a lot of volatility in Ether even as it hit $2,414.60.
Total Bitcoin ETF Inflows Hit $17.44 Billion
Bitcoin ETFs traded in 12 spots recorded a total daily trading volume of $1.63 billion on Wednesday. These funds have now gathered a total net inflow of $17,44 billion. Despite Wednesday’s retreat from the inflows, investor interest in Bitcoin ETFs remains strong. At the same time as Bitcoin ETFs suffered net outflows, the general market sentiment towards cryptocurrencies remains bullish.
