Spot Bitcoin ETFs in the U.S. witnessed over $100 million inflow on Wednesday, June 12, making a reversal from two-day consecutive outflows. It follows as both headline and monthly CPI inflation in the United States dropped and investors immediately brought a rebound in Bitcoin price, recording a broader crypto market recovery. However, the Federal Open Market Committee (FOMC) signaled a single rate cut this year after it held interest rates unchanged.
Spot Bitcoin ETFs Record Inflow After Two Outflows
The U.S.-based spot Bitcoin exchange-traded funds (ETFs) recorded a net inflow of $100.8 million, as per Bloomberg and Farside Investors data on June 13. The reversal from two consecutive days of outflows to an inflow is critical for market sentiment as traders await key U.S. PPI inflation data on Thursday and Bank of Japan interest rate decision on Friday.
BlackRock’s iShares Bitcoin ETF (IBIT) saw $15.6 million in inflow and raised hopes of witnessing huge inflows in the next few weeks. Following the latest inflow, BlackRock’s net inflow hit over $17.6 billion and BTC holding climbed to $20.86 billion.
Fidelity Bitcoin ETF (FBTC) led the spot Bitcoin ETF buying on Wednesday, recording an inflow of $50.6 million. Followed by Bitwise Bitcoin ETF (BITB), VanEck Bitcoin ETF (HODL), and Ark 21Shares (ARKB) Bitcoin ETF with $14.5 million, $11.6 million, and $8.5 million, respectively. Other spot Bitcoin ETFs saw zero net inflows.
Grayscale Bitcoin Trust (GBTC) also recorded zero inflow after a net outflow of $237 million in the previous four days. GBTC sold 3434 BTC over the previous four trading days and 335K BTCs since launch.
Also Read: BTC ETF To Impact Price Stability In Long Run
BTC Price To Stay Under $70,000 This Month
Wall Street giants anticipate a Fed rate cut in September despite the FOMC hinting at only one rate cut, which helped in bringing back buying in spot Bitcoin ETFs. In addition, options traders also have room to sell BTC ahead the monthly crypto expiry on June 28. The max pain point for Bitcoin is at $55,000.
Rekt Capital said “This cycle has been a cycle filled with Re-Accumulation ranges which inevitably break to the upside over time,” hinting at buy-the-dip opportunities. Whales are not holding, but trading BTC after the price continues to move in a range.
BTC price fell again below $67,500 as traders adjusted positions based on the Fed’s dovish outlook on rate cuts. The price is currently trading at $67,559, with a 24-hour low and high of $67,028 and $69,977, respectively. Furthermore, the trading volume has increased by 18% in the last 24 hours, indicating a rise in interest among traders.
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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
