Bitcoin ETFs Shed ₱30.1 billion ($490 million) as Fed Holds Rates Steady
Bitcoin ETFs experienced sharp outflows after Federal Reserve Chair Jerome Powell held rates at 3.50% to 3.75% with no cuts in sight. The worst single day saw ₱16.16 billion ($263 million) exit Bitcoin ETFs, while the reversal ended a nine-day inflow streak that brought in ₱122.87 billion ($2 billion).
Key Takeaway
Fed's rate hold and Iran tensions reversed a nine-day ETF inflow streak worth $2 billion.
Federal Reserve Chair Jerome Powell gave no hint of rate cuts ahead when the Fed held its benchmark rate at 3.50% to 3.75% on Wednesday. Bitcoin ETFs have since shed ₱30.1 billion ($490 million) across three trading sessions.
Monday delivered the worst blow: ₱16.16 billion ($263 million) in outflows. Tuesday followed with $89.7 million, then Wednesday added $137.6 million as Bitcoin traded at $75,900.
Fidelity's FBTC fund led the exodus with $191 million in withdrawals. BlackRock's IBIT, the largest spot Bitcoin ETF by assets under management, lost $167 million. Ark Invest's ARKB rounded out the top three with $73.3 million in exits.
Powell offered no softer tone on inflation during his Wednesday remarks, and Bitcoin dropped 3% immediately after. The price briefly touched $74,000 earlier this month before climbing toward $80,000, but the Fed's stance has kept the rally stuck below that level.
Geopolitical pressure mounted when President Donald Trump warned that Iran could block the Strait of Hormuz if it does not stand down, adding uncertainty to markets already rattled by stubborn inflation. Some traders still expect Bitcoin to push toward the $85,000 to $88,000 range by May.
This article was written based on reporting from NewsBTC.
