US spot Bitcoin ETFs saw a significant net outflow of $200 million before the release of US Inflation Data, continuing a trend of negative performance. Grayscale’s GBTC led the outflows with $121 million leaving the fund, followed by Ark Invest’s ARKB with a net outflow of $56 million and Bitwise’s BITB with $12 million. Other funds, such as Fidelity and VanEck, also experienced minor outflows, reflecting a cautious sentiment among investors.
This comes after 11 US spot Bitcoin ETFs recently ended a 19-day streak of net inflows, accumulating $64.93 million on Monday. Despite the recent outflows, these funds have generated a total of $15.42 billion in net inflows since their launch in January.
Market participants are now eagerly awaiting key economic indicators, including the Federal Open Market Committee (FOMC) meeting results and the latest Consumer Price Index (CPI) data. The CPI is expected to rise by 0.1% from April, indicating a broader disinflationary trend. The Federal Reserve’s rate-setting meeting is not expected to bring any surprises, with a high probability that the current interest rate range of 5.25% to 5.50% will be maintained.
Investors are advised to monitor these developments closely, as they may impact the performance of cryptocurrencies. For those interested in investing in over 300 cryptocurrencies, registering with Binance exchange through a provided link offers a 20% commission discount. Stay updated with exclusive news, analytics, and on-chain data by following our Telegram and Twitter accounts.