On June 11th, U.S. bitcoin exchange-traded funds experienced a net outflow of $200 million. The volume of Bitcoin ETFs has surged to its highest level since May 15, signaling a potential shift in market sentiment. After 19 consecutive days of inflows, Bitcoin ETFs have now seen two days of outflows, indicating increased selling pressure on the price of Bitcoin this week.
According to data from Santiment, the volume of Bitcoin exchange-traded funds (ETFs) has reached its peak since May 15. This surge in activity suggests a possible price reversal on the horizon, as observed across the seven largest ETFs. Analysts believe that the current uptick in trading activity reflects growing interest from investors, who are likely seizing buying opportunities amidst market fluctuations.
Despite the recent outflows, US Bitcoin spot ETFs recorded another $200 million net outflow on June 11. Grayscale’s GBTC saw a significant outflow of $121 million in just one day, leading to a decrease in total net asset value to below $60 billion. The dip in Bitcoin prices below $67,000 has sparked a wave of purchase calls on social media, as historical trends suggest a potential price recovery when sell calls diminish.
As the Consumer Price Index (CPI) data for May 2024 is set to be released today, experts are anticipating a 3.4% year-over-year growth or a 0.3% month-over-month gain. Additionally, Bitcoin prices are under pressure as miners brace for the upcoming FOMC meeting, which could result in heightened volatility in the market.
In other crypto news, Bithumb has introduced an ICP Won pair amidst regulatory challenges, highlighting the evolving landscape of the cryptocurrency industry.
