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Cryptocurrency News Articles
Massive increase in US spot Bitcoin ETF outflow
Jun 12, 2024 at 11:30 pm
The American spot Bitcoin exchange-traded funds scored gross outflows of $200 million yesterday. The new development happens when two key economic events from the US are anticipated: the FOMC conference and the consumer price announcement.
US spot Bitcoin exchange-traded funds (ETFs) saw massive outflows on Monday, to the tune of $200 million. This comes as markets await two crucial economic events from the US: the FOMC meeting and the consumer price announcement.
Bitcoin ETFs had a net outflow of $64.93 million on Tuesday, with other large funds like BlackRock’s IBIT showing zero flows.
Markets are now awaiting the Federal Open Market Committee meeting results and the consumer price data. The latest CPI, a key inflation measure, is expected to show a 0.1% increase, continuing the trend of disinflation in the market. The Fed is widely expected to hold the current interest rate of 5.25% to 5.5% without executing a rate cut. However, a team of economists anticipates two rate cuts later this year, starting in September 2024.
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