Bitcoin ETFs see major inflows as BTC price sinks to $108,000

Area-listed US Bitcoin Exchange-Traded Funds (ETFS) shed $470 million on Wednesday as the price of Bitcoin temporarily fell to $108,000 before recovering, according to data from Farside Investors.

Fidelity’s FBTC led Exodus with $164 million, followed by Ark Invest’s Arkb, which saw a pullback of $143 million. BlackRock’s ibit rounded out the top three with $88 million in outflows.

Grayscale’s GBTC also recorded $65 million in inflows, meanwhile Bitcoin ETF by Bitwise Bitb saw a relatively minor loss of $6 million.

The drawdown came after several days of solid gains, with $149 million coming in on Monday and more than $202 million on Tuesday.

The outflows also reduced the cumulative net inflows to $ 61 billion, and total assets under management declined to $ 149 billion, representing 6.75% of Bitcoin’s (BTC) market capitalization, according on crypto investment research platform sosovalue.

Bitcoin price is feeling the pressure after the rate cut

Bitcoin price fluctuates between $108,201 and $113,567 in the last 24 hours, according That coingecko.

It fell on the other side The decision of the US Federal Reserve to cut interest rates by 25 basis points, but it appears to have caught on After a meeting between US President Donald Trump and Chinese President Xi Jinping, where they discussed Trade tensions between the two countries.

Related: OG Bitcoiners are spinning, but it’s a healthy dynamic: analysts

ETFs still hold a majority of bitcoin

In the past, analysts have said that Cointelegraph flows into ETFs are linked to the price of the token, with a rally in early October stemming from large inflows into investment vehicles.

Despite the outflows, ETFs still hold more than 1.5 million Bitcoins worth $169 billion, representing 7.3% of the total supply, according It’s bitbo.