FOMC

Bitcoin

<h2 id="key-points">Key Points</h2>
<ul>
 <li>US spot Bitcoin ETFs experienced a net outflow of $200 million on Tuesday.</li>
 <li>Markets are awaiting the results of the FOMC meeting and the latest CPI data.</li>
</ul>
<p>On Tuesday, exchange-traded funds (ETFs) focused on <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> in the US saw net outflows amounting to $200 million. This continues the trend from Monday, ending a record-breaking streak of net inflows.</p>
<h2 id="details-of-the-outflows">Details of the Outflows</h2>
<p>The largest outflow was observed from Grayscale’s GBTC, which recorded a net outflow of $121 million. This was followed by Ark Invest’s ARKB with a net outflow of $56 million, as per data from SoSoValue. Bitwise’s BITB reported $12 million in outflows, while Fidelity and VanEck experienced single-digit net outflows.</p>
<p>Other funds, including BlackRock’s IBIT, recorded no flows on Tuesday. The 11 spot Bitcoin ETFs ended their 19-day consecutive run of net inflows on Monday, with outflows totaling $64.93 million. Since their inception in January, these funds have seen a total net inflow of $15.42 billion.</p>
<h2 id="anticipation-in-the-market">Anticipation in the Market</h2>
<p>The market is now waiting for key economic indicators from the U.S., including the results of the Federal Open Market Committee meeting and the Consumer Price Index data.</p>
<p>The latest CPI, a significant inflation indicator, is expected to show a 0.1% increase from April, indicating a broader disinflationary trend. The Federal Reserve’s rate-setting meeting is not expected to bring any surprises, with a 99.4% probability that the Fed will maintain the current interest rate of 5.25% to 5.50%, rather than implementing a rate cut.</p>
<p>However, a poll of economists conducted by Reuters suggested that the Fed is likely to reduce rates twice this year, starting in September. Bitcoin is currently trading at $67,500, down from last week’s peak of nearly $72,000.</p>

Bitcoin ETFs in US Witness $200M Net Outflows Pre-FOMC Meet

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