Bitcoin and Ether ETFs See Major Outflows Amid Fed Rate Hike
- Bitcoin exchange-traded funds (ETFs) recorded $295.98 million in net outflows, with trading value reaching $2.81 billion.
- Net assets for Bitcoin ETFs fell to $95.19 billion, despite a price recovery above $76,000.
- Ether ETFs saw $224.11 million in net outflows, with trading value at $1.20 billion and net assets declining to $15.16 billion.
- XRP ETFs attracted inflows of $3.50 million, while Solana ETFs saw a modest increase of $836,930.
- The Federal Reserve raised its benchmark rate by 25 basis points to a range of 3.75% to 4%.
The recent Federal Reserve rate hike has led to significant outflows from major cryptocurrency ETFs like Bitcoin and Ether, reflecting the impact of tighter financial conditions on institutional demand for risk assets.
Despite these challenges, smaller crypto ETF categories such as XRP and Solana have shown resilience by attracting inflows amidst the broader market selloff.(Source)
