U.S. spot Bitcoin ETF sees $200 million in net outflows ahead of key economic data

As investors wait with bated breath for the outcome of the U.S. Federal Open Market Committee (FOMC) meeting and Consumer Price Index (CPI) data, the U.S. spot Bitcoin exchange-traded fund (ETF) suffered a $200 million drop on Tuesday, June 11. net outflow.

It is reported that this capital outflow ended the previous 19 consecutive days of net inflow trend. This change in market sentiment is closely related to the upcoming release of key economic indicators.

Spot Bitcoin ETF Fund Outflow Overview

According to data from Farside Investors, Grayscale’s GBTC bore the brunt of this capital outflow, with a net outflow of US$121 million. Ark Invest’s ARKB followed with a net outflow of $56.5 million. In addition, the net outflows of Bitwise’s BITB, Fidelity and VanEck were US$11.7 million, US$7.4 million and US$3.8 million respectively. Meanwhile, other funds including BlackRock's IBIT saw no activity on Tuesday.

Despite a net outflow of $64.93 million on Monday, cumulative net inflows into the 11 spot Bitcoin ETFs since their launch in January have totaled $15.42 billion. This move by investors reflects high attention to the upcoming CPI report and the results of the FOMC meeting.

The impact of key economic indicators

The CPI report is expected to be released on Wednesday, June 12, and the market expects May CPI to rise only slightly by 0.1% from April, which may indicate a deflationary trend.

Still, a Reuters poll of economists showed the Fed could cut interest rates twice this year, with the first cut likely starting in September.

At the same time, the market generally expects the Federal Reserve to maintain the current interest rate of 5.50%, with a probability of as high as 99.4%.

Bitcoin Price Volatility and New ETF Applications

News of the outflow also had an impact on the price of Bitcoin, which plummeted from above $70,000 to $66,000 on Tuesday and is currently trading at $67,400, down from last week's high of nearly $72,000, according to CoinGecko. .

In other related developments, ProShares filed an S-1 registration statement for its spot Ethereum ETF on June 10, becoming the ninth applicant to file with the SEC following eight other applicants three weeks ago.

However, Seyffart noted that the new filing has not yet been approved by the SEC, but has only been acknowledged by the SEC and added to their website. ProShares was late to the ETH ETF race, a move that also aroused curiosity among market participants.

Conclusion

Net outflows from U.S. spot Bitcoin ETFs and volatility in Bitcoin prices highlight market sensitivity to upcoming economic data and policy decisions. Despite short-term outflows, the longer-term trend of inflows suggests investors remain optimistic about cryptocurrency ETFs.

At the same time, ProShares’ spot Ethereum ETF application and expectations for the Federal Reserve’s interest rate decision indicate that the cryptocurrency market will continue to play an increasingly important role in traditional financial markets.

As economic indicators gradually become clearer, investors will be able to grasp market trends more clearly and make more informed investment decisions.

The above is the detailed content of U.S. spot Bitcoin ETF sees $200 million in net outflows ahead of key economic data. For more information, please follow other related articles on the PHP Chinese website!