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US Bitcoin ETFs face setbacks as Bitcoin retreats amid rising Middle East conflicts

US Bitcoin ETFs face setbacks as Bitcoin retreats amid rising Middle East conflicts
Net flows into US spot Bitcoin ETFs turned negative as Bitcoin dropped below $62,000 due to tensions between Israel and Iran. BlackRock's iShares Bitcoin Trust (IBIT) gained over $40 million, surpassing $2.1 billion in net buying since January. However, other funds experienced outflows, with Fidelity's FBTC leading with $144 million in redemptions. Overall, US spot Bitcoin ETFs saw net outflows of over $242 million, ending an eight-day streak of inflows. Bitcoin's value dropped over 3% to around $60,300 due to Iran's missile strikes on Israel. The situation could continue to affect investor behavior and lead to further sell-offs. The Crypto Fear and Greed Index also dropped, indicating increased caution among investors.

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