CointurkNews:
How Did Bitcoin ETFs Impact Recent Market Movements?
📉 Bitcoin ETF Outflows: Fed Chairman Jerome Powell's dovish stance didn't prevent investors from exiting U.S. Bitcoin ETFs, with record net outflows of $563.7 million on Wednesday. This marks a total outflow of $1.2 billion since April 24.
💸 Fidelity's FBTC Leads Outflows: Fidelity's FBTC saw the largest outflow of $191.1 million, raising concerns alongside BlackRock's IBIT. GBTC followed with $167.4 million outflow, with ARKB and IBIT also experiencing significant withdrawals.
📈 Market Reaction to Powell's Comments: Powell's dovish approach eased liquidity concerns, briefly boosting Bitcoin from $56,620 to $59,430. However, BTC's rally was short-lived, falling back to $57,300 amid broader market impacts.
📉 Impact of ETF Launch in Hong Kong: The launch of Asia's first spot Bitcoin and Ethereum ETFs in Hong Kong this week, albeit with low volumes, negatively affected the crypto market sentiment.
