Bittime -The Federal Reserve's decision to reject interest rate increases did not stop significant market activity, especially as investors withdrew funds fromUS-based Bitcoin ETFs The latest data from Farside Investors and CoinGlass shows withdrawals of $563.7 million on Wednesday from 11 ETFs, the largest net outflow since the launch of the ETFs on January 11. Since April 24, about $1.2 billion has been withdrawn from the ETF.
Fidelity Records Largest Outflow
Fidelity experienced the biggest outflow, losing $191.1 million on Wednesday. This raises concerns about the long-term performance of Fidelity's FBTC and BlackRock's IBIT, which have withdrawn funds during the first quarter and are trying to offset losses from the Grayscale ETF (GBTC). On the same day, GBTC recorded the second largest outflow of $167.4 million, followed by ARKB and IBIT with $98.1 million and $36.9 million respectively.
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Focus on Inflation Numbers and Fed Decision
The Fed chose to keep interest rates between 5.25% and 5.5% in line with expectations. Jerome Powell stressed the strength of the economy does not require new interest rate hikes or concerns about tightening liquidity, despite recent underwhelming inflation figures. Announcements of reductions in the quantitative tightening (QT) program were also announced starting in June.
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Bitcoin Is Also Sensitive To Fed Policy
Bitcoin, like other risk assets, exhibits a sensitive response to changing liquidity conditions. After Powell's comments, BTC briefly rose from $56,620 to $59,430, as the dollar index and 10-year and two-year Treasury bond yields fell. However, BTC's rise was only temporary, with the price dropping back to $57,300 at the time of writing.
Also read: Pros and Cons of Investing in Bitcoin ETFs
Bitcoin and Ethereum ETF launch in Hong Kong
Asia's first spot Bitcoin and Ethereum ETF launched in Hong Kong earlier this week with low volumes, negatively affecting crypto market sentiment. Along with changes in monetary policy and the launch of ETFs in Hong Kong, the crypto market remains in a volatile state, requiring close monitoring from investors.
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How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Hong Kong Spot Crypto ETF Trading Transactions Reach Over HK$49 Million
What is a Crypto ETF and What Are Its Advantages?
Buy Bitcoin vs Spot Bitcoin ETF, Which is More Profitable?
Why Did Bitcoin Prices Drop After Bitcoin Spot ETF Was Approved?
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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