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Ahmed Barakat
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U.S. Bitcoin ETF products shed $635 million in one trading session on Wednesday, the largest single-day outflow since January 29, as hawkish signals from the Bank of Japan triggered global migration that fell to $500 million in crypto liquidations.
Bitcoin’s price has fallen more than 2% in 24 hours to $79,400, ending a rally that took prices from $65,000 to more than $80,000 in recent weeks.
The $635 million outflow brings total outflows from the 11 listed US Bitcoin ETFs to $1.26 billion over five trading days, pulling the net volume since January 2024 down from $59.76 billion to $58.5 billion, erasing in one week what took months to accumulate.
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How BOJ Hawkishness Created a $635M Bitcoin ETF Outflow, and Why Shipping Continued to Gain
The machine is straightforward once you follow the chain. Bank of Japan encouraged its expensive stance, strengthening the yen and forcing institutional desks with yen-backed securities to reduce exposure to high-beta assets.
Crypto, being at the extreme end of the spectrum, took the lion’s share of the discount.
Bitcoin was already technically vulnerable. The rally reached the 200-day simple moving average above $82,000, a level that previously served as a quick check.
When the pressure of the macro-drive came to the opposition, the higher ground had nowhere to go.
Data exchange Binance and OKX as the starting point for more than $ 500 million in long-term withdrawals, in line with the history of trading on those platforms.
The ETF exit is part of the same story. 11 places listed in the US Bitcoin ETF Stocks that raised $3.29 billion through March and April were driving the initial bullish story. The story wanted things to go well for them.
When the BOJ signed off, institutional bailouts followed, not because Bitcoin changed, but because of the budget risk calculation.
Adam Haeems, head of asset management at the Tesseract Group, prepared a positive confirmation: “Continuously hot CPI, the Fed coming under Warsh that the markets are considered hawkish, or another oil shock can squeeze bitcoin even if it is going well.
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