As a seasoned crypto investor with a keen interest in Bitcoin Exchange-Traded Funds (ETFs), I’ve seen my fair share of market fluctuations and regulatory developments. Tuesday, June 11, was no exception as U.S. spot Bitcoin ETFs experienced net outflows of $200 million amidst the economic data release anticipation.
As a crypto investor, I’ve noticed that on Tuesday, June 11, U.S. Bitcoin exchange-traded funds (ETFs) saw a total withdrawal of $200 million in investments. This comes as we all wait for crucial economic data, such as Consumer Price Index (CPI) and Federal Open Market Committee (FOMC) updates, which could significantly impact the market.
This followed the outflows from Monday, which ended their record streak of net inflows.
Spot Bitcoin ETFs End 19-Day Inflow Streak
As an analyst, I’ve reviewed the latest data from Farside Investors, and according to this information, Grayscale’s GBTC had the most significant net outflows last Tuesday, with a total of $121 million. Ark Invest’s ARKB followed closely behind, reporting $56.5 million in net outflows. Bitwise’s BITB also experienced considerable net outflows, to the tune of $11.7 million. Fidelity and VanEck reported smaller net outflows of $7.4 million and $3.8 million, respectively. Notably, BlackRock’s IBIT saw no activity on that day.
As an analyst, I’ve observed that the streak of daily net inflows for Bitcoin ETFs came to an end on Monday, marking the 19th consecutive day with outflows. The value of these outflows reached $64.93 million. However, it’s important to note that despite this recent downturn, these funds have amassed a substantial total net inflow of $15.42 billion since their launch in January.
At present, significant investments are being withdrawn from the market, prompting a response. This occurs as investors anxiously anticipate crucial economic updates from the United States, such as the FOMC meeting outcomes and the latest Consumer Price Index figures.
The upcoming CPI report for June 12, which is due out on that day, may impact the Federal Reserve’s interest rate decisions. Based on a CNBC forecast, this consumer price index is anticipated to reveal a minimal 0.1% rise over April’s figure, signaling a persistent trend of decreasing inflation.
The Federal Reserve’s upcoming monetary policy meeting is expected to keep the interest rate unchanged at 5.50%, based on a near-certain probability of 99.4%. However, according to a Reuters survey of economic experts, there’s a possibility that the Fed could lower rates twice in 2023, with the first potential reduction possibly happening in September.
BTC Tumbles to $66K, ProShares Files for Spot ETH ETF
In the midst of recent advancements, Bitcoin’s value took a hit on Tuesday, dropping from approximately $70,000 to $66,000. As per CoinGecko statistics, the current Bitcoin price stands at $67,400, which is lower than last week’s high of around $72,000.
As a crypto investor, I’m excited to share that ProShares took a significant step forward in the world of Ethereum ETFs by filing an S-1 registration statement with the SEC on June 10. This makes them the ninth applicant in this space, joining eight others who have already filed and had their applications approved three weeks prior.
The Securities and Exchange Commission (SEC) has recently made public ProShares’ Ethereum ETF application on their website. It’s worth noting that this filing may not debut alongside other ETFs, though a launch date has yet to be determined. Stay tuned for updates on this intriguing development.
— James Seyffart (@JSeyff) June 10, 2024
As a researcher, I recently came across a post by Seyffart where he pointed out that the Securities and Exchange Commission (SEC) has acknowledged but not yet approved ProShares’ new filing for an Ethereum Exchange-Traded Fund (ETF). I find it fascinating that ProShores is entering the competitive ETH ETF market so late in the game.
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2024-06-12 11:12