Spot Bitcoin ETFs. On Wednesday, June 12, after two days of withdrawals, spot Bitcoin ETFs in the US saw an influx of almost $100 million. Investors rushed to buy Bitcoin as soon as news of falling headline and monthly CPI inflation spread across the US market, leading to a general upturn in the cryptocurrency industry. Despite keeping interest rates steady throughout the year, the Federal Open Market Committee (FOMC) hinted at a single rate cut.
Spot Bitcoin ETFs Record Inflow After Two Outflows
According to data from Bloomberg and Farside Investors, U.S.-based spot Bitcoin ETFs received $100.8 million in net inflow on June 13. As investors await Thursday’s important U.S. PPI inflation data and Friday’s interest rate announcement from the Bank of Japan, the market attitude is highly dependent on reversing two days of outflows to an influx.
$15.6 million was invested in BlackRock’s iShares Bitcoin ETF (IBIT), which suggests that the fund may get much more significant inflows in the coming weeks. The most recent inflow brought BlackRock’s net inflow to nearly $17.6 billion, while its Bitcoin holdings reached $20.86 billion.
With $50.6 million in new capital, Fidelity Bitcoin ETF (FBTC) was Wednesday’s top spot Bitcoin ETF buyer. Bitcoin exchange-traded funds (ETFs) managed by Bitwise (BITB), VanEck (HODL), and Ark 21Shares (ARKB) raised $14.5M, $11.6M, and $8.5M, respectively. There were no net inflows into any other spot in Bitcoin ETFs. Following a net outflow of $237 million over the past four days, Grayscale Bitcoin Trust (GBTC) likewise had zero inflow. GBTC has sold 335,000 bitcoins since its start and 3,434 bitcoins in the last four trading days.
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BTC Price To Stay Under $70,000 This Month
Despite the FOMC hinting at only one rate drop, Wall Street giants anticipate a Fed rate decrease in September, which has helped bring back buying in spot Bitcoin ETFs. On top of that, options traders can sell Bitcoin before the monthly crypto expiration on June 28. At $55,000, Bitcoin reaches its maximum pain point.
According to Rekt Capital, “This cycle has been a cycle filled with Re-Accumulation ranges which inevitably break to the upside over time,” suggesting that there may be occasions to purchase the dip. As bitcoin prices remain rangebound, whales aren’t holding but trading the cryptocurrency.
The dovish Fed forecast on rate cuts caused traders to change their holdings, and the price of Bitcoin plummeted below $67,500 once again. With a low of $67,028 and a high of $69,977 throughout the past 24 hours, the price is now trading at $67,559. Traders seem to be more interested in the market as the volume of transactions has jumped 18% in the past day.
