Crypto News

Bitcoin ETF Volume Reaches Peak As Market Conditions Stir Turnaround Hopes

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.

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.

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.

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48 hours, a significant amount of Bitcoin, totaling 14,140 BTC and valued at approximately $954.50 million, has been withdrawn from cryptocurrency exchange wallets.

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.

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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