Plunge

FOMC

2024

Bitcoin

when

<ul>
 <li>U.S. bitcoin exchange-traded funds had a net outflow of $200 million on June 11th.</li>
 <li>The volume of Bitcoin ETFs has exploded to its highest point since May 15.</li>
</ul>
The Bitcoin ETFs have reported two days of outflows following 19 days of inflows, indicating that the price of Bitcoin is experiencing heavy selling pressure this week. U.S. bitcoin exchange-traded funds had a net outflow of $200 million on June 11th.
However, the volume of Bitcoin exchange-traded funds (ETFs) has exploded to its highest point since May 15, according to statistics from <a href="https://santiment.net/" target="_blank" rel="noopener noreferrer nofollow">Santiment</a>. There may be a price reversal in the works, according to this rise seen across the seven biggest ETFs. The current uptick in traffic, according to analysts, is an indication of increased interest and activity from investors, who are most likely taking advantage of dip-buying opportunities.
<h3 class="wp-block-heading" id="h-high-volatility-expected">High Volatility Expected</h3>
For the second day in a row, US Bitcoin spot ETFs had a net outflow of $200 million on June 11. A staggering $121 million was expelled from Grayscale’s <a href="https://thenewscrypto.com/grayscales-spot-bitcoin-etf-gbtc-sees-first-inflows-since-debut/" target="_blank" rel="noopener noreferrer nofollow">GBTC</a> in only one day. As a result, Bitcoin spot ETFs’ total net asset value has fallen below $60 billion, reaching $59.227 billion as.
The recent decline of Bitcoin below $67,000 has prompted more purchase calls on social media, according to Santiment. In the past, <a href="https://thenewscrypto.com/donald-trump-advocates-for-bitcoin-mining-advancing-his-pro-crypto-stance/" target="_blank" rel="noopener noreferrer nofollow">bitcoin</a> prices have tended to recover when sell calls began to narrow the spread on purchase calls.
The Consumer Price Index (<a href="https://www.bls.gov/cpi/home.htm" target="_blank" rel="noopener noreferrer nofollow">CPI</a>) data for May 2024 is scheduled to be released later today. Experts are projecting a 3.4% YoY growth or a 0.3% MoM gain. Moreover, the price of Bitcoin is under heavy selling pressure as Bitcoin miners surrender in the lead-up to the FOMC meeting, which is highly likely to cause high volatility.
Highlighted Crypto News Today:
<a href="https://thenewscrypto.com/bithumb-launches-icp-won-pair-amid-regulatory-challenges/" target="_blank" rel="noopener noreferrer nofollow">Bithumb Launches ICP Won Pair Amid Regulatory Challenges</a>

Bitcoin ETFs See Surge in Trading Volume Amidst Recent Price Plunge

Table of Contents

TheNewsCrypto

Other articles published on Jun 12, 2024

Tokenized Future Yields Traded by Pendle

Apple Unveils ‘Apple Intelligence’ AI Strategy at WWDC 2024

BlockDAG’s Mobile Mining Awe With Newest X1 Miner App Beta, TON And Cardano’s Gains & Shifts

Russian Bitcoin mining supplier to spend over $130m on AI data centers: report

MoonBag: The Best Crypto Presale in June 2024 Set To Reach $1 as Rumors Of Coinbase Listing Linger

Figure Markets Launches FTX Claims Platform for Recovery

Join our free newsletter for daily crypto updates!