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Grayscale ETF experienced its largest single-day capital outflow, driving Bitcoin down and accelerating Bitcoin's bottoming process.
Bitcoin extended its losses, as did other major coins such as Ethereum, SOL and Dogecoin, as investors digested record single-day outflows from the world's largest cryptocurrency exchange ETF and fading expectations of a Federal Reserve interest rate cut. There has been a decline. Data compiled by the agency showed that the $25 billion Grayscale Bitcoin Trust (GBTC) saw an outflow of $643 million on Monday, the largest outflow since converting to an ETF on January 11.
Previously, the nine new spot Bitcoin ETFs listed at the same time received strong demand, which was enough to make up for the large outflow of GBTC, but now the funds flowing into the products of giants such as Fidelity Investments and BlackRock are also decreasing.