Bitcoin ETF trading volume surged to its highest level since May 15, according to data from the seven largest ETFs. This spike in volume often signals a potential price turnaround for Bitcoin.
đź“Š Bitcoin ETF volume has jumped to its highest level since May 15th, according to data from the top 7 largest ETF's. When these volume spikes occur, there is more of a chance of prices making a turnaround. This latest spike was likely a dip buy reaction. Do you expect a bounce? pic.twitter.com/Kkv5tU3Mji
— Santiment (@santimentfeed) June 11, 2024
In related news, the latest Consumer Price Index (CPI) data for May revealed a slight dip in the annual CPI to 3.3%, falling below market expectations. Additionally, Core CPI has dropped to its lowest level since April 2021.
🚨JUST IN: 🇺🇸US Inflation Update: May Sees Slight Dip in Annual #CPI to 3.3%, Below Expectations; Core CPI Drops to Lowest Since April 2021 pic.twitter.com/ZA7Xii5yD5
— CoinEcho (@mycoinecho) June 12, 2024
Analyst Ali Martinez highlights a trend where Bitcoin tends to rebound following Federal Open Market Committee (FOMC) meetings. Today, Bitcoin’s price jumped 4%, surpassing the $69,000 mark.
Surprise, surprise! https://t.co/ZMTzraCbzY pic.twitter.com/JPfrzvcVNo
— Ali (@ali_charts) June 12, 2024
Over the past 48 hours, a significant amount of Bitcoin, totaling 14,140 BTC and valued at approximately $954.50 million, has been withdrawn from cryptocurrency exchange wallets.
Over 14,140 $BTC worth around $954.50 million have been withdrawn from #crypto exchange wallets in the last 48 hours! pic.twitter.com/MPPfpVTLFO
— Ali (@ali_charts) June 12, 2024
Bitcoin ETFs Records Negative Net Inflows
However, Bitcoin ETFs have seen negative net inflows. On June 11, 2024, the net outflow for Bitcoin ETFs was $200 million. No U.S. Bitcoin ETFs recorded inflows yesterday.
Notably, Grayscale’s Bitcoin Trust (GBTC) saw its single-day outflow triple from $39.5 million to $121 million.
Meanwhile, BlackRock’s iShares Bitcoin Trust (IBIT) experienced no net flow change. After two consecutive trading days, the overall net inflow remains negative.
🚨 $BTC #ETF Net Inflow June 11, 2024: -$200M!
• No US Bitcoin ETFs experienced inflows yesterday ⚠️.
• #Grayscale (GBTC) increased its single-day outflow from $39.5M to $121M (3x).
• #BlackRock (IBIT) experienced a net flow of $0.
• Overall, the net inflow has been… pic.twitter.com/RlmtGrPGYG
— Spot On Chain (@spotonchain) June 12, 2024
These movements in Bitcoin ETF volumes and net inflows are contributing to the anticipation of a potential market shift, influenced by both economic indicators and investor behavior.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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