This week began on a negative note for the whole cryptocurrency market, as the majority of the top coins are showing bearish signs. Bitcoin has dropped below the $68,000 level, whereas Ethereum has shown a bearish outlook and is trading below the $3,600 level.
This downturn comes as investors anxiously await the release of crucial economic data and the outcome of the upcoming Federal Open Market Committee (FOMC) meeting, both scheduled for Wednesday, June 12.
Bitcoin Spot ETFs See First Net Outflow in 19 Days
According to a tweet by Wu Blockchain, Bitcoin spot ETFs saw a total net outflow of $64.9318 million on June 10, marking the first net outflow after 19 consecutive days of net inflows.
The Grayscale ETF GBTC experienced a single-day outflow of $39.5366 million, while the Bitwise ETF BITB and BlackRock ETF IBIT saw inflows of $7.5910 million and $6.3433 million, respectively.
On June 10, the total net outflow of Bitcoin spot ETFs was $64.9318 million, the first net outflow after 19 consecutive days of net inflows. Grayscale ETF GBTC had a single-day outflow of $39.5366 million, Bitwise ETF BITB had a inflow of $7.5910 million, and BlackRock ETF IBIT…
— Wu Blockchain (@WuBlockchain) June 11, 2024
Institutions and Companies Seek Crypto Exposure
Despite the current market downturn, analyst Yoddha points out that every big institution or company is looking to get their hands on crypto this year. In a tweet, Yoddha advises investors to mute their favorite influencers who believe the rally is over and to patiently wait for the market to recover.
#Altcoins Every big institution or company wants to get their hands on crypto this year But your favorite influencer thinks that this rally is over. It's time to mute them and patiently wait. pic.twitter.com/ZNCSaLrYLY
— Yoddha (@CryptoYoddha) June 10, 2024
The crypto market’s performance this week will likely be influenced by the upcoming release of the Consumer Price Index (CPI) report and the FOMC meeting. Analyst Michaël van de Poppe notes that it’s like clockwork: every time there’s a Fed meeting, the crypto markets correct substantially beforehand.
The CPI inflation is estimated at 3.4%, while core CPI is expected to be 3.5%. Investors are also closely monitoring the Fed’s interest rate decision, with the CME FedWatch Tool indicating a high market expectation for the Fed to maintain rates between 525 and 550 basis points.
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Show more +Show less – Potential Market Reaction to CPI Data
Crypto analyst Markus Thielen from 10x Research provides insight into the potential market reaction based on the CPI data. If the CPI prints at 3.3% or lower, Thielen suggests that Bitcoin could attempt to break out.
However, if the CPI prints at 3.5% or higher, he believes that Bitcoin will likely correct over the next few weeks, although this is not his base case. Despite the potential correction, Thielen maintains an upside bias for higher Bitcoin prices.
The outcome of these events will likely influence the market’s direction in the short term, with the CPI data playing a crucial role in determining whether Bitcoin and other cryptocurrencies will experience a breakout or a correction.
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