Bitcoin (BTC) traded under $64,000 on Thursday as Federal Reserve Chair Kevin Warsh's hawkish debut at the helm rattled risk assets, with traders pricing in rising odds of a rate hike before year-end.
Spot bitcoin exchange-traded funds posted an $82.2 million net outflow the same day, according to SoSoValue, with Fidelity's FBTC the only fund to log a meaningful inflow at $14 million. Spot ether (ETH) ETFs recorded a $29.4 million net outflow, led by $9.9 million in withdrawals from Grayscale's Ethereum Mini Trust.
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A market in repair
Bitcoin trades 15% below its onchain "True Market Mean" of $77,200, a discount that keeps the broader regime in bear-market territory despite a bounce off this month's lows, Glassnode said in a Wednesday report.
