Yesterday, Bitcoin spot exchange-traded funds (ETFs) saw record-high net outflows of $671.9 million—the highest ever reported since they launched in January.

The Grayscale Bitcoin Trust (GBTC) lost the most capital with $208.6 million, followed by the ARK 21Shares Bitcoin ETF losing $108.4 million, according to Farside Investors data. This outflow aligned with a downturn in Bitcoin’s price, which is trading at under $93,000 at the time of writing after losing 9.2% over the 24 hours to press time, according to CoinMarketCap data.

Major crypto market maker Wintermute wrote in today’s note to investors that “after stabilizing early in yesterday’s session, spot prices turned lower following the U.S. market open, driven by fresh rounds of selling.”

The crypto market apparently “mirrored declines in equities and bonds” as traders decided to decrease their risk exposure “ahead of the typically low-liquidity holiday season,” Wintermute wrote.

The Federal Reserve was expected to reduce rates by 25 basis points to between 4.25% and 4.50% at Wednesday’s Federal Open Market Committee (FOMC) meeting—the last one this year.

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Author: Adrian Zmudzinski