🌎 Bitcoin ETFs See Record $742M Withdrawal Amid All-Time High

Spot Bitcoin ETFs have seen a significant withdrawal trend over the past three days, marking the largest since their launch in January. This shift in demand comes after Bitcoin reached its all-time high. Between Monday and Wednesday, these ETFs experienced a $742 million withdrawal, signaling a substantial outflow from the Grayscale Bitcoin Trust and a decrease in new investments from major firms like BlackRock and Fidelity Investments.

Despite this recent development, data from Bloomberg shows that these ETFs have attracted $11.4 billion in net investments since their inception, making them one of the most successful ETF launches to date. The Grayscale Bitcoin Trust, now operating as an ETF, reported $13.3 billion in outflows.

While global stocks and gold have continued to rise, Bitcoin’s rally has slowed down as the market reacts to the ETF outflow data. However, Bitcoin’s value surged over 5% today, driven by the Federal Reserve’s hints at potential interest rate cuts, which have positively impacted various asset classes.

Notably, the stock prices of Bitcoin-related companies have also seen gains today following a week-long decline. MicroStrategy, the largest holder of BTC, experienced a 15% increase in its share price. Similarly, stocks from top BTC mining companies such as Marathon Digital and Riot Platforms also showed signs of recovery in line with Bitcoin’s bounce back.