BTC’s price fell below $60,000, settling around $56,500, as US spot Bitcoin ETFs saw outflows exceeding $500M.
The sell-off intensified after the Fed kept interest rates unchanged in a recent FOMC meeting.
Bitcoin’s (BTC) price took a significant hit, dipping below the $60,000 mark and settling around $57,000 amidst concerns of further decline. The downturn was worsened by substantial outflows from US spot Bitcoin ETFs, exceeding $500 million on May 1st. This sell-off intensified following the Federal Reserve’s (Fed) announcement, led by Chair Jerome Powell, to maintain unchanged interest rates during the recent FOMC meeting, resulting in another 6.5% drop in Bitcoin’s value to $56,555.
Bitcoin Spot ETF Flow (Source: Farside Investors)
According to data from Farside investors, the market witnessed a staggering net outflow of $563.7 million from spot Bitcoin ETFs on Wednesday. BlackRock Bitcoin ETF IBIT experienced its first outflow since its inception, totaling $3
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