Data gleaned from Farside Investors demonstrates a major setback of $106.4 million in Fidelity's FBTC. Conversely, BlackRock's IBIT, the leading spot bitcoin fund by net asset value, displayed resilience against the prevailing trend.

Recent monitoring data from Farside Investors unveiled a substantial net outflow of $226.2 million in the U.S spot Bitcoin ETF market, signifying a shift in investor sentiment.

While most funds faced withdrawals, BlackRock's IBIT ETF managed to attract additional capital with a net inflow of $18.2 million. This divergence underscores the varying perceptions of Bitcoin ETFs within the investor community, showcasing the nuanced responses in an unpredictable market environment.

Further insights from Farside Investors depict a significant blow to Fidelity's FBTC, marking one of its largest single-day outflows reaching $106.4 million since its inception. Moreover, a substantial amount of $61.5 million departed from Grayscale's GBTC fund.

Bitwise and VanEck funds recorded losses of nearly $10 million each, while Ark Invest and 21Shares' ARKB witnessed an outflow of $52.7 million from their funds. In comparison, Invesco and Galaxy Digital's BTCO experienced minor outflows of $2.7 million. Nevertheless, BlackRock's IBIT, the predominant spot bitcoin fund by net asset value, attracted additional investments totaling $18.2 million, demonstrating a diverging performance.

Bitcoin Market Price Volatility

Following a brief escalation above $68,000 on Thursday, Bitcoin's (BTC) price recently dipped by 3% to hit $66,304. The cryptocurrency displayed notable volatility during the week. The Federal Reserve's decision to maintain interest rates within the range of 5.25% to 5.50% has influenced Bitcoin's market performance, contributing to the downward trend.

Bitcoin is currently striving to sustain a position above the 100-day exponential moving average to avoid triggering further drops. Critical levels to monitor are $65,500 and $64,800. At the time of compiling this analysis, Bitcoin is trading at $67,016 as per data from CMC.

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