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<p dir="ltr">The market is on track to chart a new growth course following the&nbsp;<a href="https://x.com/DeItaone/status/1801230867722912207" rel="noopener noreferrer nofollow">release</a> of the United States Producer Price Index (PPI) for May. This data has a major effect on the broader traditional market as well as Bitcoin and the crypto ecosystem.</p>
<h2 id="bitcoin-reaction-to-u-s-ppi-data">Bitcoin reaction to U.S. PPI data</h2>
<p dir="ltr">The PPI reading is one of the major economic data points used to measure the impact of inflation on the world’s largest capital market. Per the released data, the month-on-month reading for the PPI comes in at -0.2%, as against the previous reading of 0.5%.</p>
<p dir="ltr">This better-than-the-expected-0.1% value implies that&nbsp;<a href="https://u.today/bitcoin-btc-price-slides-after-feds-rate-cut-decision" rel="noopener noreferrer nofollow">Federal Reserve</a> monetary policies, as concerns keeping inflation steady, have been working overall. The upside might be felt with a recovery in risk-on assets like Bitcoin.</p>
<p dir="ltr">At the time of writing, the digital currency has maintained its bearish drawdown, down by 3.76% in the past 24 hours to $67,351. This is a major derailment from the mildly bullish momentum from earlier in the week, when the coin made emphatic moves to surpass the $70,000 price level.</p>
<p dir="ltr">Per the current outlook, the digital currency might be reacting to the news negatively, as a stronger PPI means a resilient economy, which gives corporate investors extra incentive to choose traditional assets over the risk asset.</p>
<h2 id="bitcoin-etf-catalyst">Bitcoin ETF catalyst</h2>
<p dir="ltr">While the current sentiment from the U.S. PPI data might not be favorable for Bitcoin, the impact of&nbsp;<a href="https://u.today/1901-bitcoin-btc-added-to-etfs-in-single-day-why-no-price-jump" rel="noopener noreferrer nofollow">spot ETF</a> trading might change the narrative overall.</p>
<p dir="ltr">With spot Bitcoin ETFs actively trading in the United States, the United Kingdom, Canada and recently Hong Kong and&nbsp;<a href="https://u.today/australian-spot-bitcoin-etf-goes-live-heres-why-it-stands-out" rel="noopener noreferrer nofollow">Australia</a>, there are enough avenues to buy the coin and drive the price up in the long term.</p>
<p dir="ltr">Despite the drawdown, more than 513 million Bitcoin, or $34,291,565,528, has been traded in 24 hours atop a 17% jump. This is an indication of a bullish twist that might contribute to the BTC revival hurdle.</p>

513 Million Bitcoin (BTC) in 24 Hours, Here's What's Coming

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