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Summary

Fidelity’s FBTC experienced a significant outflow of $92 million, contributing to the overall net outflows of U.S. spot bitcoin exchange-traded funds. The FOMC meeting played a pivotal role in driving larger amounts of net outflows last week.

Introduction

Last week, the U.S. spot bitcoin ETFs continued to see net outflows, with Fidelity’s FBTC leading the way with a loss of $92 million. This trend was further exacerbated by the FOMC meeting, impacting investor sentiment and fund flows in the cryptocurrency market.

Main Points

Statistics from SoSoValue revealed that 11 bitcoin ETFs collectively had a net outflow of $145.83 million on Monday, with FBTC accounting for a significant portion of this outflow. Other funds, such as Ark Invest and 21Shares’ ARKB, also experienced withdrawals, signaling a shift in investor behavior.

Investor pessimism grew as overall net inflows of spot bitcoin ETFs decreased to $14.96 billion, following uncertainties surrounding U.S. economic data and the FOMC meeting. Expectations for multiple rate cuts were dampened by the Fed’s decision to maintain interest rates at their current levels.

CoinShares’ report suggested that the more hawkish tone of the FOMC meeting prompted investors to sell off fixed-supply assets, leading to a decline in Bitcoin prices. The cryptocurrency market responded to the evolving economic landscape, with Bitcoin’s price dropping from $72,000 to $65,735 post-meeting.

Conclusion

The recent developments in the cryptocurrency market, influenced by the FOMC meeting and investor sentiment, have underscored the impact of macroeconomic events on digital asset flows. As market dynamics continue to evolve, investors are closely monitoring these trends to navigate the changing landscape of cryptocurrency investments.

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