As a researcher with extensive experience in the crypto market, I’ve closely monitored the recent trends of Bitcoin Exchange-Traded Funds (ETFs). Last week, these financial vehicles experienced their longest streak of positive inflows since their launch in January 2024. However, my optimism was short-lived as investors’ sentiment shifted on Monday and Tuesday, resulting in outflows totaling $653.3 million.
Bitcoin ETFs marked a negative start to the current trading week, breaking their longest run of weekly inflows on Monday.
As a researcher, I’ve noticed an intriguing shift in market trends lately. This transformation might be attributable to the encouraging Consumer Price Index (CPI) figures released in the United States just yesterday.
As a researcher studying market trends, I recently came across an intriguing piece of news from CryptoPotato. They reported that cryptocurrency investment products have experienced positive inflows for 19 consecutive days as of last Friday. This marks the longest streak since these financial vehicles were introduced in mid-January 2024.
As a researcher studying financial data, I observed significant shifts in the landscape of our investments. Specifically, on Monday and Tuesday, we experienced outflows amounting to $64.9 million and $200.4 million, respectively.
The shift in investors’ outlook might be explained by the ambiguity surrounding the US economy and significant events like the release of the CPI data and the most recent Federal Open Market Committee meeting, which transpired only yesterday.
When the Consumer Price Index and Labor Statistics data for May were released, revealing figures slightly superior to forecasts, the pattern shifted yet again.
Bitcoin’s price surged abruptly by $2,000 and reached a new high of $70,000. Meanwhile, investors injected $100.8 million into the Bitcoin ETF market.
At the recent FOMC meeting, the U.S. Federal Reserve followed predictions by announcing no adjustments to interest rates during this economic cycle – in contrast to the European Central Bank’s decision to make changes.
Despite the expected decline, bitcoin’s price experienced a sudden and steep drop, decreasing by approximately $3,000. Currently, Bitcoin is valued at over $67,500, but this heightened volatility has led to over $200 million in liquidations during the last 24 hours.
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2024-06-13 08:54