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Bitcoin’s price actions in the past few days have been nothing short of a substantial correction that pushed it south by around thirteen grand.
It seems Powell’s comments made during the latest FOMC meeting have scared US investors as they pulled over $670 million from the spot Bitcoin ETFs within just a day.that 2025 might not see as many reductions due to the alarming numbers on the inflation front. To make things worse for BTC and the altcoins, he added that the central bank is not allowed to buy and store bitcoin for itself, which contrasts with one offrom over $105,000 to $98,000 immediately on Wednesday evening.
$671.9 million was withdrawn from the financial vehicles in total, with Fidelity’s FBTC and Grayscale’s BTC leading the pack – $208.5 and $188.6 million, respectively., couldn’t attract any fresh funding but at least didn’t see any major withdrawals, ending the day at $0.0.The spot Ethereum ETFs were on a roll for nearly a month, as they didn’t see a single net outflow day since November 21. However, the landscape around them changed as well, with investors pulling $60.5 million.
Although the amount is more than 10 times lower than that of the Bitcoin ETFs, ETH’s price wasn’t spared. The asset is down by over 9% in the past day and struggles at $3,350 after its latest rejection at $4,000.What Is Sui Network : The Ultimate Guide in 2024One Weekly Email Can Change Your Crypto Life.Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments.
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