As investors await the outcome of the Federal Open Market Committee (FOMC) meeting and Consumer Price Index (CPI) data with bated breath, U.S. spot Bitcoin exchange-traded funds (ETFs) experienced a net outflow of $200 million on Tuesday, June 11.
It is reported that this capital outflow ended the previous 19-day trend of net inflows. This change in market sentiment is closely related to the upcoming release of key economic indicators.
Overview of Spot Bitcoin ETF Outflows
According to Farside Investors, Grayscale's GBTC bore the brunt of the outflow, with a net outflow of $121 million. Ark Invest's ARKB followed closely behind, with a net outflow of $56.5 million. In addition, Bitwise's BITB, Fidelity and VanEck had net outflows of $11.7 million, $7.4 million and $3.8 million, respectively. Meanwhile, other funds, including BlackRock's IBIT, saw no activity on Tuesday.
Despite a net outflow of $64.93 million on Monday, the 11 spot Bitcoin ETFs have seen a total net inflow of $15.42 billion since their launch in January. This move by investors reflects the high level of attention paid to the upcoming CPI report and the results of the FOMC meeting.
Impact of key economic indicators
The CPI report is expected to be released on Wednesday, June 12, with markets expecting a small increase of 0.1% in May from April, which could indicate a deflationary trend.
Still, a Reuters poll of economists showed the Fed is likely to cut interest rates twice this year, with the first cut likely to come in September.
At the same time, the market generally expects the Federal Reserve to maintain the current interest rate of 5.50%, with a probability of 99.4%. #比特币ETF #关键经济指标 #资金外流
Bitcoin price volatility and new ETF applications
The news of the outflow of funds also had an impact on the price of Bitcoin, which plunged from above $70,000 to $66,000 on Tuesday. According to data from Coingecko, it is currently trading at $67,400, down from a high of nearly $72,000 last week.
In other related developments, ProShares filed an S-1 registration statement for its spot Ethereum ETF on June 10, becoming the ninth applicant to file with the SEC following eight other applicants three weeks earlier.
However, Seyffart pointed out that the new application has not yet been approved by the SEC, but has only been acknowledged by the SEC and added to their website. ProShares’ late entry into the ETH ETF race has also aroused the curiosity of market participants.
Conclusion
The net outflow of U.S. spot Bitcoin ETFs and the volatility of Bitcoin prices highlight the market's sensitivity to upcoming economic data and policy decisions. Despite the short-term outflow of funds, the long-term trend of inflows shows that investors remain optimistic about cryptocurrency ETFs.
At the same time, ProShares’ spot Ethereum ETF application and expectations for the Federal Reserve’s interest rate decision indicate that the cryptocurrency market will continue to play an increasingly important role in traditional financial markets.
As economic indicators become clearer, investors will be able to grasp market trends more clearly and make more informed investment decisions.