Altcoins

Bitcoin ETFs Lose $200M Before FOMC

Bitcoin ETFs Lose: SoSoValue reports that US spot Bitcoin exchange-traded funds (ETFs) experienced a significant shift in investor mood on Tuesday, with net outflows surpassing $200 million. This is a reversal of the positive trend observed since May 13, when net inflows reached a record high. Grayscale’s Bitcoin Investment Trust (GBTC), the most significant Bitcoin fund in the world, led the outflows by losing a total of $121 million on Tuesday, which signals that investors are concerned about the cryptocurrency. ARKB, which Ark Invest owns, also had significant net outflows of $56 million.

In contrast, the offerings of Fidelity and VanEck experienced negative net flows in the single digits, while Bitwise Asset Management’s BITB experienced a lesser negative net flow of $12 million. The IBIT of BlackRock stayed steady on Tuesday with no net flows. This is a crucial point to note. This change comes after a historic 19-day run of uninterrupted net inflows for US spot Bitcoin ETFs Lose SoSoValue reports that US spot Bitcoin exchange-traded funds (ETFs) experienced a significant shift in investor mood on Tuesday, with net outflows surpassing $200 million, which ended on Monday. Even though these funds saw withdrawals on Tuesday, they have accumulated a cumulative net inflow of $15.42 billion since their inception in January.

Markets Await US Economic Data

In the United States, the financial markets eagerly await the release of significant economic statistics. The findings of the Federal Open Market Committee (FOMC) meeting and the data set for the Consumer Price Index (CPI) are scheduled to be announced on Wednesday, making it a significant day. Compared to April, it is anticipated that the Consumer Price Index (CPI) report, an essential indicator of inflation, would show a slight increase of 0.1%. The disinflationary tendency in the economy is consistent with the general trend.

Markets Await US Economic Data

In contrast, the Federal Open Market Committee meeting is anticipated to be a non-event, and there is a high probability of no adjustment in interest rates. According to the CME Group, there is a probability of 99.4% that the Federal Reserve will keep the existing rate range of 5.25% to 5.50%, however, according to a survey conducted by Reuters among experts. The Federal Reserve may reduce interest rates twice in the latter part of this year. The first cut may occur in September.

Changes In Market Sentiment Affect Bitcoin Prices

Changes In Market Sentiment Affect Bitcoin Prices

As a result of the price of bitcoin, investors’ moods have also changed. Bitcoin ETFs Lose SoSoValue reports that US spot Bitcoin exchange-traded funds (ETFs) experienced a significant. Shift in investor mood on Tuesday, with net outflows. Surpassing $200 million, it is currently trading at $67,470, a decline of 6.30 per cent. It’s an all-time high of nearly $72,000 that occurred last week. Considering that this price decline happened. At the same time, Bitcoin ETFs saw money streaming out at that spot. There may be a potential correlation between investor mood and the market price of Bitcoin.

The conclusion of the Federal Open Market Committee meeting. The release of actual consumer price index data could substantially impact investor confidence. It could also influence the trajectory of net flow in these funds. There is still a lack of clarity on whether the current outflow is transient or indicates more. Fundamental shift in investor attitude.

Also Read: Types of Bitcoin ETFs: An Ultimate Guide By Coinz4u

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