Bitcoin ETF Volumes See Biggest Breakout in 4 Weeks.

Bitcoin price has fallen after 19 consecutive days of inflows by #Bitcoin ETFs. The ETF has faced strong selling pressure, with volumes reporting two consecutive days of outflows.

On Tuesday, June 11, total outflows recorded by US Bitcoin ETFs rose to $200 million.

According to Santiment's data, Bitcoin ETF transaction volume had reached its highest level since May 15. This increase observed among the seven largest #ETFs indicates the potential for a price reversal. Analysts believe the recent volume increase is likely a response to a dip-buying opportunity, indicating renewed investor interest and activity in the market.

On June 11, US #Bitcoin spot ETFs experienced a total net outflow of $200 million. This was the second consecutive day of departures. Grayscale's GBTC alone saw a single-day outflow of $121 million. As a result, the total net asset value of Bitcoin spot ETFs dropped below $60 billion and currently stands at $59.227 billion.

Bitcoin has recently fallen below $67,000, Santiment said. Historically, when sell calls begin to close the gap on buy calls, this indicates increasing panic and fear, which often leads to a rally in cryptocurrency prices.

If actual figures come in lower than expected, it could mean a slowdown in inflation. It could potentially increase expectations for cryptocurrency prices to rise. Conversely, if the numbers exceed expectations, it could indicate ongoing inflation concerns, potentially leading to a decline in cryptocurrency values.

Ahead of the #FOMC meeting, Bitcoin price faced strong selling pressure amid miner capitulation. If Bitcoin price falls below $67,000, we could see a further pullback of 5-8% in the coming weeks.
$BTC