US spot bitcoin ETFs started the week with declines, ending the longest streak of positive flows that continued through Monday.
However, conditions have changed significantly, perhaps as a result of the promising US CPI data released on Tuesday.
As we noted in previous articles, spot Bitcoin ETFs recorded a series of positive flows that lasted for 19 days, the longest since their launch in mid-January 2024.
But this trend changed with the beginning of the new week, as these funds witnessed outflows amounting to $64.9 million on Monday, and $200.4 million on Tuesday.
This change in investor behavior can be attributed to economic uncertainty in the United States, as well as important economic developments such as the release of the Consumer Price Index and the Federal Open Market Committee meeting, which were held the previous day.
With the release of CPI data showing a slight improvement in May numbers than expected, positive flows have returned to Bitcoin ETFs.
Bitcoin prices saw an immediate rise of about $2,000 to reach the $70,000 level.
At the same time, investors poured money back into ETFs, with total inflows reaching $100.8 million.
The Federal Open Market Committee meeting was held as expected, as the US central bank announced that it would not adjust interest rates this session, contrary to what the European Central Bank decided.
Despite stable expectations, this news caused a sudden drop in Bitcoin's price by about $3,000, bringing its current price to just over $66.500.
This extreme movement led to the liquidation of positions worth more than $200 million in the last 24 hours.
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