First Mover Americas: Bitcoin Shaky as Traders Bank Profits

Jamie Crawley is a CoinDesk news reporter based in London.

BTC remains over 1% lower in the last 24 hours, a possible sign of profit-taking following its surge above $93,000 earlier in the week. The drop was catalyzed by Fed Chair Jerome Powell's hawkish comments that damped hopes of swifter interest-rate cuts."The economy is not sending any signals that we need to be in a hurry to lower rates," Powell said in prepared remarks at a Dallas conference.

Fidelity's FBTC saw outflows of $179.2 million, Bitwise BITB saw $113.9 million being drained, Ark's ARKB bled $161. 7 million, while Grayscale's two products notched combined outflows of $74.9 million. Similar to the dip in the underlying asset, ETF outflows may be a sign of investors taking profits. BlackRock's IBIT saw inflows, gaining $126.5 million, continuing the trend of strong interest since Nov. 7. The only days to have seen larger bitcoin ETF outflows — May 1 and Nov.

On the other hand, if the price dips below the 100-hour SMA support, it might favor a deeper slide toward the 200-hour SMA at $82,600.Trump Names Former SEC Chair Jay Clayton to DOJ Office, the Same Office That Prosecuted SBF. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets.

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