Man, what a wild day in the crypto world yesterday. The market just got rocked — we saw the biggest exodus ever from U.S. Bitcoin ETFs. We’re talking about nearly $680 million pulled out in a single day. Pretty crazy when you think about how investors had been pouring money in for over two weeks straight, racking up something like $6.7 billion in inflows.
Fidelity’s Bitcoin Fund took the biggest hit, watching over $208 million walk out the door. Grayscale’s Mini Trust wasn’t far behind, losing around $189 million. Even the big players like ARK 21Shares and Grayscale’s main fund got hammered, dropping $108 million and $88 million respectively. The only bright spot? WisdomTree’s BTCW somehow managed to attract $2 million — talk about swimming against the current!
Bitcoin itself got absolutely crushed. After riding high at $96,000+, it nosedived about 4% in just 24 hours. Everyone’s pointing fingers at the Fed for this one. They came out with this super cautious stance on rate cuts that nobody was expecting, and honestly, it spooked the whole market.
It’s fascinating to see how crypto and traditional markets are basically joined at the hip now. I mean, just look at the trading volume for Bitcoin ETFs — it shot up to $6.31 billion. Even when people are selling like crazy, they’re still incredibly active in the market.