Key Points
- US spot Bitcoin ETFs experienced a net outflow of $200 million on Tuesday.
- Markets are awaiting the results of the FOMC meeting and the latest CPI data.
On Tuesday, exchange-traded funds (ETFs) focused on Bitcoin in the US saw net outflows amounting to $200 million. This continues the trend from Monday, ending a record-breaking streak of net inflows.
Details of the Outflows
The largest outflow was observed from Grayscale’s GBTC, which recorded a net outflow of $121 million. This was followed by Ark Invest’s ARKB with a net outflow of $56 million, as per data from SoSoValue. Bitwise’s BITB reported $12 million in outflows, while Fidelity and VanEck experienced single-digit net outflows.
Other funds, including BlackRock’s IBIT, recorded no flows on Tuesday. The 11 spot Bitcoin ETFs ended their 19-day consecutive run of net inflows on Monday, with outflows totaling $64.93 million. Since their inception in January, these funds have seen a total net inflow of $15.42 billion.
Anticipation in the Market
The market is now waiting for key economic indicators from the U.S., including the results of the Federal Open Market Committee meeting and the Consumer Price Index data.
The latest CPI, a significant inflation indicator, is expected to show a 0.1% increase from April, indicating a broader disinflationary trend. The Federal Reserve’s rate-setting meeting is not expected to bring any surprises, with a 99.4% probability that the Fed will maintain the current interest rate of 5.25% to 5.50%, rather than implementing a rate cut.
However, a poll of economists conducted by Reuters suggested that the Fed is likely to reduce rates twice this year, starting in September. Bitcoin is currently trading at $67,500, down from last week’s peak of nearly $72,000.
