Bitcoin Slips Below $83,000 as Spot ETF Outflows Hit $484.9 Million

Bitcoin traded below $83,000 early Thursday as heavy withdrawals from U.S. spot Bitcoin exchange-traded funds added to pressure on the cryptocurrency market.

Bitcoin was at $82,926 at 6:09 a.m. ET (10:09 UTC), after closing at $83,282 on Oct. 7. The token has fallen more than 4% this week.

U.S. spot Bitcoin ETFs recorded $484.9 million in net outflows on Oct. 7, the largest daily withdrawal in the displayed period since June 25. BlackRock’s IBIT accounted for $207.7 million of the outflows, followed by Fidelity’s FBTC at $105.1 million and ARK 21Shares’ ARKB at $101.7 million.

The market is also weighing a tighter U.S. monetary-policy outlook. The Federal Open Market Committee voted 12-0 to raise the federal funds target range by 25 basis points to 3.75%-4%, effective Sept. 17.

Most committee participants said another rate increase would likely be appropriate by year-end, while future decisions would depend on incoming economic data. The minutes said inflation remained elevated above the Federal Reserve’s 2% goal.