Bitcoin ETF Outflows Surge to $161 Million Ahead of FOMC

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Bitcoin ETF Weekly Outflows Hit $82M Ahead Crash, What's Next For BTC Price?

A day before the scheduled FOMC meeting, Bitcoin ETF outflows surged all the way past $161 million, the highest this week, following a major correction on Wall Street. With this, the market has witnessed five consecutive days of outflows from the Bitcoin investment funds.

U.S. Bitcoin ETF Excitement Drops

Yesterday, on April 30, Bitcoin spot ETFs experienced significant net outflows, totaling as much as $162 million. Among them, Grayscale ETF GBTC recorded a notable single-day net outflow of $93.2277 million. This contributes to GBTC’s current historical net outflow, which now stands at $17.303 billion, as per data from Farside Investors.

The total net asset value of Bitcoin spot ETFs currently sits at $49.413 billion, dipping below the $50 billion mark. The last month of April proved to be particularly laggard for U.S. Bitcoin ETFs amid the uncertain macro and geopolitical conditions. After strong inflows during the first three months of launch, April registered a collective outflow of $182 million across all nine spot Bitcoin ETFs trading in the U.S.

Moreover, on Tuesday, April 30, Hong Kong debuted its Bitcoin and Ether ETFs but saw a slow start with $12 million in Day 1 trading volumes. However, several market analysts have suggested that this was a good start and one should not directly compare them with the launch of U.S. Bitcoin ETFs, which has a sizeable much larger market with players like BlackRock.

Adam Back noted that when adjusting for market size, Hong Kong‘s inaugural day proved to be 22 times more robust than the record-breaking launch of the Bitcoin ETF in the United States. Although trading volumes were lower compared to the first-day Assets Under Management (AUM), this was attributed to Hong Kong’s larger seeding process.

In contrast, US ETFs typically have seed buyers purchase during the first day, likely for marketing reasons. Moreover, ChinaAMC hinted at potential interest from Singapore and other Asian markets in favoring the Hong Kong ETFs over their US counterparts.

BTC Price Under Pressure

Amid the major sell-off on Wall Street and Dow Jones crashing 500 points, the Bitcoin (BTC) price has also come under strong selling pressure taking a dip under $60,000 levels. Market analysts predict that BTC has still an 8-10% correction ahead of it, slipping to $55,000, before starting back on the path of recovery.

The post Bitcoin ETF Outflows Surge to $161 Million Ahead of FOMC appeared first on CoinGape.

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