🚀 Bitcoin (BTC) and the crypto market are buzzing! Following the release of the latest US Consumer Price Index (CPI) data, BTC and Ethereum (ETH) posted gains of 3.4% and 2.43% respectively in the last 24 hours. 📈 BTC is hovering around $70,000 and ETH is struggling to surpass $4,000.

👀 The market's mood is shifting, particularly among retail traders on Binance. According to Hyblock, 70.25% of Binance accounts hold net long positions on Bitcoin, a significant jump from 57% just 24 hours ago. This suggests that retail investors are trying to "buy the bottom," indicating a strong belief in a potential rebound. 💪

However, this bullish behavior comes amidst ETF outflows, signaling investor caution. Grayscale's GBTC experienced the largest net outflows of $121 million, followed by ARK Invest's ARKB and Bitwise's BITB with outflows of $65.5 million and $11.7 million respectively.

🔮 Lower inflation figures are expected to further boost the crypto market. The CPI remained essentially unchanged in May, surpassing the estimated 0.1% increase and declining from April's 0.3%. Annually, CPI increased by 3.3%, slightly below predictions and April's 3.4%.

🧠 IREN board member Mike Alfred describes Bitcoin as a "highly intelligent global macro asset" that potentially anticipates and incorporates major economic factors well before their release.

So, keep your eyes peeled for the upcoming Federal Open Market Committee (FOMC) meeting! 🎉