U.S. Bitcoin Spot ETF Ends 19-Day Inflow Streak Ahead of CPI Report and FOMC Meeting

June 11, 2024 · Crypto News, TGbot · Source:NewCoinSpot

Bitcoin funds in the U.S. are experiencing a shift as Bitcoin spot ETFs see their first outflows in nearly three weeks.

According to HODL15Capital, the U.S. spot Bitcoin Exchange-Traded Funds (ETFs) recorded outflows for the first time after 19 consecutive days of inflows. On Monday, the ETFs experienced approximately $71 million in outflows. The Grayscale Bitcoin Trust (GBTC) reported withdrawals of nearly $40 million.

In contrast, the Bitwise Bitcoin ETF (BITB) saw net inflows of around $8 million, and BlackRock’s iShares Bitcoin Trust (IBIT) recorded inflows of approximately $6 million.

However, other funds faced outflows: Fidelity Wise Origin Bitcoin Fund (FBTC) saw $3 million in outflows, Invesco Galaxy Bitcoin ETF (BTCO) lost $20.5 million, and Valkyrie Bitcoin Fund (BRRR) reported outflows of $16 million.

Meanwhile, the ARK 21Shares Bitcoin ETF (ARKB), Franklin Templeton Bitcoin ETF (EZBC), VanEck Bitcoin Trust (HODL), and WisdomTree Physical Bitcoin (BTCW) experienced no inflows or outflows during the trading session.

Despite Monday’s outflows, U.S. Bitcoin funds have been active buyers, accumulating around 25,700 Bitcoins in the first week of June alone. IBIT remains the world’s largest Bitcoin ETF, managing over 304,000 Bitcoins, while GBTC ranks second with over 284,000 Bitcoins, valued at $19.7 billion.

U.S. economic sentiment and expectations regarding Federal Reserve monetary policy may have influenced Monday’s ETF flows.

All eyes are on the upcoming Consumer Price Index (CPI) report and the Federal Open Market Committee (FOMC) meeting scheduled for June 12. The CPI inflation rate is expected to be 3.4%, with the core CPI at 3.5%.

Investors are also closely watching the Federal Reserve’s interest rate decision. According to the CME FedWatch Tool, the market highly anticipates that the Fed will maintain rates between 525 and 550 basis points.

These upcoming economic events could impact Bitcoin’s price dynamics. As reported by Crypto Briefing, the funding rates in the Bitcoin perpetual futures market have risen, indicating a premium on long positions, suggesting that spot prices may experience a pullback following the FOMC meeting.