The PCE data released by the United States is in line with market forecasts, and ETFs have been flowing in. Why is the price of the pie not rising but falling?

The US PCE inflation slowed down across the board in May, and the core inflation index that the Federal Reserve loves the most hit a record low in more than three years, providing strong support for the Fed's expectations of a rate cut in September this year.

On June 28, the data released by the US Department of Commerce showed that the month-on-month growth rate of the US PCE price index in May fell from 0.3% in April to 0.26%, the lowest record since November 2023, and the year-on-year growth rate also fell from 2.7% in the previous month to 2.6%, both in line with market expectations.

More importantly, after excluding the volatile food and energy prices, the year-on-year growth rate of the core PCE price index in May hit the lowest record since March 2021, that is, from 2.8% in April to 2.6%, which is also in line with expectations.

Yesterday (June 28, Eastern Time), the total net inflow of Bitcoin spot ETFs was US$73.0454 million. Yesterday, Grayscale GBTC had a net outflow of $27.1553 million in a single day, and the current historical net outflow of GBTC is $18.515 billion. The Bitcoin spot ETF with the largest net inflow in a single day yesterday was BlackRock IBIT, with a net inflow of $82.4255 million in a single day, and the current total net inflow of IBIT has reached $17.725 billion. The second is Ark Invest and 21Shares' ETF ARKB, with a net inflow of $42.800 million in a single day, and the current total net inflow of ARKB has reached $2.403 billion.

The total net asset value of Bitcoin spot ETF is $52.123 billion, and the ETF net asset ratio (market value to the total market value of Bitcoin) is 4.39%, and the historical cumulative net inflow has reached $14.525 billion.

The reason is that all the money in the market has flowed into the hands of institutions, and the money in the hands of ordinary retail investors has suffered heavy losses in the decline of many copycats. The market has entered a panic mood, and the US presidential debate did not mention cryptocurrency at all. This not only makes American users feel dangerous, but also makes more miners wait and see. Mentougou time compensation has not been sold yet, and the market circulation is insufficient!

#美国5月核心PCE物价指数年率增幅创2021年3月以来新低 #美联储何时降息？