Key Takeaways:
- U.S.-listed spot Bitcoin ETFs saw $200 million in net outflows on Tuesday, led by Grayscale’s GBTC with $120 million.
- The sell-off occurred as Bitcoin briefly dropped to $66,200 before rebounding.
- Traders are derisking ahead of key economic reports, including the U.S. CPI and Federal Reserve’s rate decision, despite a long-term bullish outlook from QCP Capital.
On Tuesday, U.S.-listed spot bitcoin ETFs experienced significant net outflows, totaling $200 million, the highest since $580 million on May 1.
This marks the second consecutive day of outflows, primarily driven by Grayscale’s GBTC, which accounted for $120 million.
US spot Bitcoin ETFs see $200 million in net outflows ahead of FOMC meeting https://t.co/NkMZlD6xzX
— The Block (@TheBlock__) June 12, 2024
The sell-off coincided with Bitcoin’s brief drop to $66,200 before rebounding.
Other ETFs, such as Ark Invest’s ARKB, Bitwise’s BITB, Fidelity’s FBTC, and VanEck’s HODL, also saw outflows, ranging from $56 million to $7 million, with no inflows recorded.
Traders are derisking ahead of critical macroeconomic reports, including the U.S. Consumer Price Index (CPI) and the Federal Reserve’s rate decision.
QCP Capital highlighted the market’s risk-off stance due to the upcoming CPI reading and the Federal Open Market Committee (FOMC) meeting.
Despite short-term challenges, QCP Capital maintains a long-term bullish outlook, citing potential positive events like the launch of an ETH spot ETF and growing political support for crypto.
🚨 Bitcoin ETFs recorded $200 million in net outflows on Tuesday
— Satoshi Club (@esatoshiclub) June 12, 2024
U.S.-listed Bitcoin ETFs recorded the 2nd consecutive day of outflows driven by #Grayscale's $GBTC.
Ark Invest’s $ARKB, Bitwise’s $BITB, Fidelity’s $FBTC and VanEck’s $HODL recorded outflows ranging from $56… pic.twitter.com/NVkCS6fzi1
Additionally, Treasury Secretary Janet Yellen’s upcoming speech on Friday could impact riskier assets like cryptocurrencies.
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