U.S. Bitcoin ETFs See Record $563M Outflow Despite Fed’s No Rate Hike

• U.S. spot bitcoin ETFs saw record outflows of $563 million on Wednesday, nearing $1.2 billion over the past week.
• Fidelity’s FBTC had the highest withdrawal at $191.1 million.
• Despite Powell’s dovish stance, the ETF market outlook remained unchanged.

On Wednesday, U.S.-based spot bitcoin exchange-traded funds (ETFs) witnessed increased selling pressure, hitting a record outflow of $563 million since their inception on January 11. Data from CoinGlass revealed that 11 ETFs saw a combined net outflow of $563.7 million, continuing the decline that started on April 24. Over the past week, investors have withdrawn nearly $1.2 billion from these ETFs.

Fidelity’s FBTC saw the highest withdrawal on Wednesday, with investors pulling out $191.1 million. With FBTC among the ETFs with the most inflows in the first quarter, this development might influence investor sentiment.

Moreover, GBTC was second on Wednesday’s list of outflows, with pullouts amounting to $167.4 million. In addition, ARKB and IBIT saw outflows of $98.1 million and $36.9 million, respectively. 

During the day, Federal Reserve Chairman Jerome Powell reaffirmed a “net-dovish” stance, in which t…

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