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06/11/2024

Bitcoin Spot ETFs end 19-day inflows ahead of CPI report and FOMC meeting

06/11/2024
4,8

For the first time in nearly three weeks, U.S. Bitcoin-focused exchange-traded funds (ETFs) have recorded a reduction in their holdings, as presented by HODL15Capital's findings.

This Monday, these ETFs faced outflows nearing the $65 million mark, with the Grayscale Bitcoin Trust (GBTC) seeing outflows close to $40 million.

The Fidelity Wise Origin Bitcoin Fund (FBTC) witnessed a decline of $3 million in its holdings. Meanwhile, the Invesco Galaxy Bitcoin ETF (BTCO) endured a significant withdrawal of $20.5 million. The Valkyrie Bitcoin Fund (BRRR) experienced nearly $16 million in outflows.

On the brighter side, the Bitwise Bitcoin ETF (BITB) enjoyed an influx of nearly $8 million, while the BlackRock’s iShares Bitcoin Trust (IBIT) added about $6 million to its assets.

Several other funds, such as the ARK 21Shares Bitcoin ETF (ARKB), Franklin Templeton Bitcoin ETF (EZBC), VanEck Bitcoin Trust (HODL), and WisdomTree Physical BTC (BTCW), observed no significant changes in their capital flow during the day’s trading.

Despite the outflows, U.S. Bitcoin funds have aggressively expanded their holdings, amassing an estimate of 25,700 BTC in just the initial week of June. The IBIT fund stands as the top Bitcoin ETF on a global scale, managing over 304,000 BTC, with GBTC trailing closely, overseeing more than 284,000 BTC valued at approximately $19.7 billion.

Shifts in the U.S. economic outlook and the forthcoming decisions by the Federal Reserve (Fed) regarding its monetary stance are thought to have an effect on ETF movement.

Market participants are keenly awaiting the results of the Consumer Price Index (CPI) and the Federal Open Market Committee (FOMC) meeting, both slated for Wednesday, June 12. Predictions suggest a CPI inflation rate of 3.4% and a core CPI of 3.5%.

The investment community is also vigilant about the Fed’s upcoming interest rate verdict. Predictions via the CME FedWatch Tool lean heavily towards the Fed keeping rates within the 525 to 550 basis points range.

Future economic developments could sway Bitcoin’s market valuations. As per reports by Crypto Briefing, the perpetual futures market for Bitcoin has encountered heightened funding rates, suggesting a premium for long positions and a potential market correction post the FOMC assembly.

CoinGecko's statistics reveal that Bitcoin's current trading price stands roughly at $66,700, marking a decrease of nearly 2% in the last 24 hours.


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