As a seasoned crypto investor with a few years under my belt, I’ve learned to keep a close eye on market trends and news that could impact my investments. The recent inflow of over $100 million into U.S.-based Bitcoin ETFs after two consecutive days of outflows is an encouraging sign for the market.
On June 12, U.S. Bitcoin ETFs experienced inflows exceeding $100 million – a turnaround from two consecutive days of outflows. This shift occurred as headline and monthly Consumer Price Index (CPI) inflation figures in the U.S. declined, leading investors to boost Bitcoin prices and initiate a broader recovery within the crypto market. Despite this, the Federal Open Market Committee (FOMC) suggested only one rate reduction for the year following their decision to keep interest rates constant.
Spot Bitcoin ETFs Record Inflow After Two Outflows
Bitcoin exchange-traded funds (ETFs) based in the United States experienced a net investment of $100.8 million as reported by Bloomberg and Farside Investors on June 13. This shift from two consecutive days of outflows to an inflow is significant for market morale as investors anticipate crucial U.S. Producer Price Index (PPI) inflation statistics due on Thursday and the Bank of Japan’s interest rate announcement on Friday.
The iShares Bitcoin ETF from BlackRock, labeled as IBIT, attracted approximately $15.6 million in recent investments, fueling optimism for substantial growth in the coming weeks. With this latest addition, BlackRock’s total net inflow exceeded $17.6 billion, while their Bitcoin holdings increased to a value of around $20.86 billion.
On Wednesday, the Fidelity Adjusted Bitcoin ETF (FBTC) stood out among other spot Bitcoin exchange-traded funds (ETFs), attracting investments to the tune of $50.6 million. The Bitwise Bitcoin ETF (BITB) followed suit with an inflow of $14.5 million, while the VanEck Bitcoin Strategy ETF (HODL) and Ark 21Shares Bitcoin ETF (ARKB) recorded inflows of $11.6 million and $8.5 million, respectively. No other spot Bitcoin ETFs reported any net inflows for the day.
As an analyst, I’ve observed that the Grayscale Bitcoin Trust (GBTC) experienced no new investments following a net withdrawal of $237 million in the preceding four business days. In the same timeframe, GBTC offloaded 3434 Bitcoin units, and since its inception, it has sold approximately 335,000 Bitcoin equivalent units.
BTC Price To Stay Under $70,000 This Month
As a researcher studying the financial markets, I’ve noticed that despite the Federal Reserve (Fed) indicating only one interest rate cut in their last meeting, major players on Wall Street are expecting another reduction in September. This anticipation has led to renewed buying activity in Bitcoin Exchange-Traded Funds (ETFs). Moreover, options traders have an opportunity to sell Bitcoin before the monthly crypto options expiry on June 28. The price level that could cause the maximum impact or “max pain” for Bitcoin is currently around $55,000.
As a crypto investor, I’ve noticed that Rekt Capital has made a statement suggesting that this current market cycle has been marked by periods of Re-Accumulation ranges. These ranges inevitably break upward eventually, implying potential buy-the-dip opportunities for investors. Meanwhile, whales have not held onto their Bitcoin but instead have been trading it after the price has remained within a range.
The price of Bitcoin dipped below $67,500 once more, with traders making adjustments following the Fed’s indication of potential rate cuts. Currently, it is being traded at $67,559. Over the past 24 hours, its lowest and highest points were recorded as $67,028 and $69,977 respectively. There has been a notable surge in trading activity, with a 18% increase in volume within the same timeframe.
- Memecoins Like DOGE, SHIB, and PEPE Have Come To Stay – Mike Novogratz
Terraform Labs Has Just $75 Million In Assets, How Will It Pay the SEC $4.75 Billion?
LUNC News: Terra Luna Classic Community Votes On Game Changing Proposal
Read More
- BTC PREDICTION. BTC cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- BCH PREDICTION. BCH cryptocurrency
- MNT PREDICTION. MNT cryptocurrency
- Best Goomba Characters In Mario Games, Ranked
- SOL PREDICTION. SOL cryptocurrency
- USD RUB PREDICTION
- USD COP PREDICTION
- USD PHP PREDICTION
- Scream 7 Needs To Unite The Fanbase
2024-06-13 10:50