After net outflows of $65 million were recorded on Monday to end a 19-day streak of inflows, the sector saw large outflows as BTC’s value fell to nearly $66,000.
This is the second consecutive day of Bitcoin ETF outflows in the U. S. The U. S. is expected to see the U. S. market react to this week’s upcoming macroeconomic reports on the outlook.
According to data from SoSoValue that tracks the functionality of Bitcoin spot ETFs in the United States, Grayscale continued to lead outflows, with $120 million recorded on June 11. GBTC has recorded a total of $18 billion in outflows since spot ETFs debuted on exchanges. in January.
On Tuesday, BlackRock’s IBIT saw 0 flows, while Fidelity’s FBTC ended with $7. 4 million in outflows and Bitwise’s BITB saw successful redemptions of $11. 7 million. ARK Invest’s ARKB had the second-largest outflow at $56. 5 million, while VanEck’s HODL accounted for $3. 8 million.
While BTC ETFs were struggling, Bitcoin’s value fell to $66,000, and the value of the flagship cryptocurrency fell by more than 5% in 24 hours.
Currently, BTC’s value is hovering around $67,970, up 1. 7% over the past 24 hours, as positive sentiment seeps into the market.
However, the market is waiting for macroeconomic reports, including the Consumer Price Index (CPI) and the Federal Reserve interest rate decision. The two-day meeting of the Federal Open Market Committee (FOMC) ends on Wednesday and investors are watching what Federal Reserve Chair Jerome does. Powell has to say.
Commenting on the market and Bitcoin’s price drop, analysts at QCP Capital noted:
“Markets are in risk-off mode ahead of tomorrow’s CPI and FOMC. This month’s FOMC will also feature the dot plot, which informs the market how many cuts the Fed expects for the rest of 2024. “
In past cases, Bitcoin’s value rallied after the FOMC meeting, recovering losses suffered before the key economic event.
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