Bitcoin and Ethereum ETFs See Net Outflows on Fed Rate Cut Day

- Ahead of the US FOMC meeting, local investors rushed to buy spot Bitcoin ETFs. However, when the day came, the situation changed.

- Despite the Fed cutting its key interest rate by 50 basis points, Bitcoin ETFs saw net outflows of $52.7 million. Ark Invest’s ARKB led the way with $43.4 million in outflows, followed by Grayscale’s GBTC with $8.1 million.

- Ethereum ETFs, on the other hand, did not fare much better with net outflows of $9.8 million. Grayscale’s ETHE topped the list with $14.7 million in outflows.

- Despite this, BTC and ETH prices continued to rally, hitting multi-week highs. BTC nears $63,000 and ETH nears $2,450. 🚀