Bitcoin ETFs Lose Over $635M In One Day Following Oil Price Spike
By Mathew Di Salvo
AI summary of the source article
Spot bitcoin exchange-traded funds saw $635.6 million in redemptions on Thursday amid risk-off sentiment driven by spiking oil prices. BlackRock's and Fidelity's funds experienced the largest outflows, while bitcoin briefly dropped below $81,000.
Why it matters
A higher oil price can hurt the price of bitcoin and other “risk-on” assets because it increases the chances of the U.S. central bank raising interest rates.
Key facts
- Investors withdrew $635.6 million from spot bitcoin ETFs on Thursday, led by over $254 million in outflows from BlackRock's fund and nearly $218 million from Fidelity's fund.
- Bitcoin fell below $81,000 before rebounding to trade near $81,669.
- Outflows followed a rise in Brent crude oil to a five-month high after Yemeni rebel group the Houthis attacked Saudi Arabia.
Source excerpt · Bitcoin Magazine
Bitcoin Magazine Bitcoin ETFs Lose Over $635M In One Day Following Oil Price Spike Investors this week were buying bitcoin ETFs but that all changed on Thursday. This post Bitcoin ETFs Lose Over $635M In One Day Following Oil Price Spike first appeared on Bitcoin Magazine and is written by Mathew Di Salvo .