U.S. bitcoin exchange-traded funds had a net outflow of $200 million on June 11th.
The volume of Bitcoin ETFs has exploded to its highest point since May 15.
The Bitcoin ETFs have reported two days of outflows following 19 days of inflows, indicating that the price of Bitcoin is experiencing heavy selling pressure this week. U.S. bitcoin exchange-traded funds had a net outflow of $200 million on June 11th.
However, the volume of Bitcoin exchange-traded funds (ETFs) has exploded to its highest point since May 15, according to statistics from Santiment. There may be a price reversal in the works, according to this rise seen across the seven biggest ETFs. The current uptick in traffic, according to analysts, is an indication of increased interest and activity from investors, who are most likely taking advantage of dip-buying opportunities.
High Volatility Expected
For the second day in a row, US Bitcoin spot ETFs had a net outflow of $200 million on June 11. A staggering $121 million was expelled from Grayscale’s GBTC in only one day. As a result, Bitcoin spot ETFs’ total net asset value has fallen below $60 billion, reaching $59.227 billion as.
The recent decline of Bitcoin below $67,000 has prompted more purchase calls on social media, according to Santiment. In the past, bitcoin prices have tended to recover when sell calls began to narrow the spread on purchase calls.
The Consumer Price Index (CPI) data for May 2024 is scheduled to be released later today. Experts are projecting a 3.4% YoY growth or a 0.3% MoM gain. Moreover, the price of Bitcoin is under heavy selling pressure as Bitcoin miners surrender in the lead-up to the FOMC meeting, which is highly likely to cause high volatility.
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