HODL

FOMC

<ul> 
 <li>Fidelity’s FBTC was leading the way with an outflow of $92 million.&nbsp;</li> 
 <li>The FOMC meeting was the focal point of larger amounts of net outflows last week.</li> 
</ul> 
After reporting a weekly outflow of $580 million last week, U.S. spot bitcoin exchange-traded funds (ETFs) continued net outflows on Monday. 
According to statistics from SoSoValue, the 11 bitcoin ETFs had a net outflow of $145.83 million on Monday. With Fidelity’s FBTC leading the way with a loss of $92 million. The net outflow for FBTC last week was over $140 million, even though the fund usually records large net inflows. 
Subsequently, $50 million was drained from Ark Invest and 21Shares’ ARKB. While GBTC from Grayscale and HODL from VanEck also had negative flows of around $4 million. The meager $3 million in net inflows were all from Bitwise’s BITB. Yesterday, there were no transactions in <a href="https://thenewscrypto.com/u-s-bitcoin-etfs-see-226-2m-net-outflow-blackrocks-ibit-defies-trend/" target="_blank" rel="noreferrer noopener">BlackRock’s</a> IBIT, the biggest spot bitcoin ETF by net asset value. 
<h3 class="wp-block-heading" id="h-investors-pessimistic">Investors Pessimistic</h3> 
The statistics from SoSoValue indicated that due to the net withdrawals, the overall net inflows of spot bitcoin ETFs dropped to $14.96 billion. U.S spot bitcoin ETFs saw their longest run of net inflows up until last week, when investors fled riskier assets due to uncertainty caused by contradictory U.S. non-farm payroll data and unemployment statistics. 
The <a href="https://thenewscrypto.com/u-s-senators-urge-fed-to-cut-interest-rates-ahead-of-fomc-meeting/" target="_blank" rel="noreferrer noopener">FOMC</a> meeting on Wednesday, which kept the country’s interest rate at its current range of 5.25% to 5.50%, was the focal point of larger amounts of net outflows last week. Investors were anticipating many rate cuts this year, but the Fed has already signaled that there would be only one in 2024. 
In a report released on Monday, digital asset manager <a href="https://coinshares.com/" target="_blank" rel="noreferrer noopener nofollow">CoinShares</a> speculated that investors sold off their fixed-supply assets due to the “more hawkish-than-expected” FOMC meeting. The price of <a href="https://thenewscrypto.com/bitcoin-down-6-amid-active-addresses-hitting-five-year-low/" target="_blank" rel="noreferrer noopener">Bitcoin</a>, which was close to $72,000 before the US economic data was released, has now fallen to $65,735 as of this writing. 
Highlighted Crypto News Today: 
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U.S Bitcoin ETFs Report $145.83M Net Outflow, Led by Fidelity’s FBTC

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