Bitcoin's price movement today has been influenced by significant outflows from U.S. Bitcoin ETFs, with BlackRock's IBIT experiencing a substantial $183.6 million outflow. This marks the second consecutive day of outflows, raising concerns about investor sentiment towards these financial products. Despite the outflows, Bitcoin's price has remained relatively stable, suggesting that the market may be absorbing these movements without significant disruption. The outflows come at a time when Bitcoin has been experiencing a correction after reaching the $100,000 milestone, with the price down by 4.03% over the past week.
Additionally, the broader market sentiment has been affected by the anticipation of a potential 25 basis point rate cut in the next Federal Open Market Committee (FOMC) meeting. This has led to a cautious approach among investors, as they weigh the implications of monetary policy changes on the cryptocurrency market. The nomination of Paul Atkins as the new SEC Chair, replacing Gary Gensler, is also being closely watched, as it could signal regulatory shifts that might impact Bitcoin and other cryptocurrencies.
Bitcoin's price has seen a slight decline of 0.41% today, trading at $94,305.04. The cryptocurrency reached a high of $94,694.88 and a low of $93,872.36 during the day.