Bitcoin ETF Outflows and Market Reactions 📉
On Tuesday, U.S. spot Bitcoin exchange-traded funds (ETFs) saw net outflows of $200 million. This followed previous outflows and marked the end of a record streak of net inflows.
Spot Bitcoin ETFs Experience Outflows 📊
Data from Farside Investors revealed that Grayscale’s GBTC had the highest net outflows at $121 million. Ark Invest’s ARKB followed with $56.5 million outflows. Other ETFs, like Bitwise’s BITB, reported $11.7 million outflows while Fidelity and VanEck experienced smaller outflows of $7.4 million and $3.8 million respectively.
- This wave of outflows halted a 19-day streak of net inflows for 11 spot Bitcoin ETFs.
- The total net inflow for these funds since January stands at $15.42 billion.
- Investors eagerly await key U.S. economic indicators like FOMC and CPI data.
Impact of Economic Indicators on Market 📈📉
The market reacted to these outflows amid anticipation of key economic reports. The CPI data, set to be released soon, might influence the Federal Reserve’s interest rate strategy. Analysts forecast a modest 0.1% increase in the CPI, indicating a broader trend of disinflation.
- The Federal Reserve is expected to maintain the current interest rate, but economists suggest possible rate cuts starting in September.
Bitcoin Price Drops, ProShares Files for Ethereum ETF 📉
Bitcoin’s price fell from over $70,000 to $66,000, currently trading at $67,400. Meanwhile, ProShares filed for a spot Ethereum ETF, becoming the ninth applicant following the approval of eight others.
Approval Process for ETH ETF 🔄
The SEC added ProShares’ Ethereum ETF filing to its website, though approval is pending. Analysts note the late entry of ProShares into the Ethereum ETF competition.
- Analysts speculate on the launch date of the Ethereum ETF and its potential impact on the market.
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