Outflows of 200m from BTC ETFs recorded prior to release of significant Fed inflation data
Bitcoin exchange-traded funds (ETFs) in the United States experienced a second consecutive day of net outflows as investors braced for the Federal Reserve’s Federal Open Market Committee (FOMC) meeting and awaited key U.S. inflation data set to be released on Wednesday.
Data from Farside Investors revealed that BTC ETFs in the U.S. saw $200.4 million in net outflows on June 11. The majority of these outflows originated from Grayscale Bitcoin Trust (GTBC) and ARK 21Shares Bitcoin ETF (ARKB), totaling $121 million and $56.5 million, respectively.
With these recent outflows, the total net outflows from the GBTC spot Bitcoin ETF have now exceeded $18 billion, according to Farside Investors. Additionally, the Bitwise Bitcoin ETF (BITB), Fidelity Wise Origin Bitcoin Fund (FBTC), and VanEck Bitcoin Trust (HODL) experienced net outflows of $11.7 million, $7.4 million, and $3.8 million, respectively.
Furthermore, other spot Bitcoin ETFs like BlackRock’s iShares Bitcoin Trust (IBIT) remained neutral amidst the outflows.
On June 10, spot Bitcoin ETFs saw their first day of net outflows after four weeks of consistent inflows, totaling $64.9 million. The price of Bitcoin also briefly dropped to $66,000 as investors sought to mitigate their investment risks. Despite this, crypto trader and analyst Max on X noted that similar downward trends have occurred before major data releases like the U.S. Consumer Price Index (CPI).
As the U.S. inflation data is set to be released today at 12:30 UTC, a decrease in the inflation rate typically signals positive news for the crypto market. Experts anticipate a 3.4% year-over-year increase in the country’s inflation between May 2023 and 2024, according to Santiment’s X post.
In related news, SOL and DOGE are currently showing bearish trends, but analysts remain optimistic about potential positive developments in the market.
