Spot Bitcoin ETFs See $100 Million Flows Return But Risks Still Appear
Spot Bitcoin ETFs in the US spotted $100 million entry On Wednesday, June 12, there was a reversal after two consecutive days of decline. This was followed by a decline in both headline and monthly CPI inflation in the United States, with investors prompting an immediate rebound in the price of Bitcoin, marking a broader recovery in the crypto market. However, the Federal Open Market Committee (FOMC) signaled a single interest rate cut this year without leaving interest rates unchanged.
Spot Bitcoin ETFs Post Entries After Two Exits
U.S.-based spot Bitcoin exchange-traded funds (ETFs) recorded net inflows of $100.8 million, according to June 13 data from Bloomberg and Farside Investors. The return to entry from outflows for two consecutive days is critical for investors’ market sentiment. wait for the key US PPI inflation data on thursday Bank of Japan Interest rate decision on Friday.
BlackRock’s iShares Bitcoin ETF (IBIT) saw inflows of $15.6 million, raising hopes of witnessing massive inflows in the next few weeks. Following the latest influx, BlackRock’s net inflow rose to over $17.6 billion and BTC holdings rose to $20.86 billion.
Fidelity Bitcoin ETF (FBTC) led spot Bitcoin ETF buying on Wednesday, recording an inflow of $50.6 million. It is 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 inflows, following net outflows of $237 million in the previous four days. GBTC sold 3434 BTC in the previous four trading days and 335 thousand BTC since its launch.
Also Read: BTC ETF Will Affect Price Stability in the Long Term
BTC Price Will Stay Below $70,000 This Month
Although the FOMC only hinted at a single rate cut, Wall Street giants expect the Fed to cut rates in September, which has helped bring back buying in spot Bitcoin ETFs. Additionally, options traders also have room to sell BTC ahead of the monthly crypto expiration on June 28. The maximum pain point for Bitcoin is $55,000.
“This cycle has been a cycle full of Reaccumulation ranges that inevitably break upwards over time,” Rekt Capital said, pointing to dip buying opportunities. Whales do not hold BTC but buy and sell after the price continues to move within a certain range.
BTC price fell back below $67,500 as investors adjusted their positions based on the dovish outlook on Fed rate cuts. The price is currently trading at $67,559; The lowest and highest levels of the last 24 hours are at $67,028 and $69,977 respectively. Additionally, the transaction volume increased by 18% in the last 24 hours, indicating increased interest from investors.
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Varinder has 10 years of experience in the Fintech industry and has been dedicated to blockchain, crypto and Web3 development for over 5 years. A tech enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in more than 5,000 news stories, articles, and articles. Varinder believes in the great potential of future innovative technologies with parofix Media. He currently covers the latest updates and developments in the crypto industry.
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