ETFs
Spot Bitcoin ETFs Experienced $100M Flow Reversal, But Risks Remain
Bitcoin ETFs in the United States have been observed $100 million entry on Wednesday June 12, marking a reversal after two consecutive days of capital outflows. It follows both as title and monthly CPI inflation in the United States fell and investors immediately caused a rebound in the price of Bitcoin, seeing a broader recovery in the crypto market. However, the Federal Open Market Committee (FOMC) announced a one-time rate cut this year after keeping interest rates unchanged.
Bitcoin Spot ETFs See Inflows After Two Exits
U.S.-based Bitcoin spot exchange-traded funds (ETFs) saw a net inflow of $100.8 million, according to data from Bloomberg and Farside Investors on June 13. The reversal of two consecutive days of exits to an entry is essential for market sentiment as traders. wait for the key PPI inflation in the United States
data Thursday and Bank of Japan interest rate decision on Friday.
BlackRock iShares Bitcoin ETF (IBIT) recorded an inflow of $15.6 million and raised hopes of witnessing huge inflows in the coming weeks. Following the latest inflow, BlackRock’s net inflow reached more than $17.6 billion and BTC holding rose to $20.86 billion.
Fidelity Bitcoin ETF (FBTC) dominated Bitcoin ETF spot purchases on Wednesday, seeing 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 no net inflows.
Grayscale Bitcoin Trust (GBTC) also recorded zero inflow after a net outflow of $237 million over the previous four days. GBTC has sold 3,434 BTC over the previous four trading days and 335,000 BTC since its launch.
Read also: BTC ETF will impact long-term price stability
BTC Price to Remain Below $70,000 This Month
Wall Street giants anticipate a Fed rate cut in September, although the FOMC has hinted at just one rate cut, which has helped bring Bitcoin ETF purchases back to cash. Additionally, options traders also have the opportunity to sell BTC before the monthly crypto expiration on June 28. The maximum low point for Bitcoin is $55,000.
Rekt Capital said, “This cycle has been one filled with reaccumulation ranges that inevitably break higher over time,” hinting at opportunities to buy on the dip. The whales do not hold, but BTC trades after the price continues to move in a range.
BTC Price fell below $67,500 again as traders adjusted their positions based on the Fed’s dovish outlook for rate cuts. The price is currently trading at $67,559, with a 24-hour low and high of $67,028 and $69,977, respectively. Additionally, trading volume increased by 18% in the last 24 hours, indicating renewed interest among traders.
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