Bitcoin ETF outflows hit $200 million ahead of FOMC meeting

US spot Bitcoin exchange-traded funds (ETFs) experienced a 2nd consecutive day of outflows for the 2nd time this week aft ending their 19-day inflow streak connected June 10.

Data from Farside shows that connected June 11, Bitcoin ETFs had cumulative outflows of $200 million, with withdrawals driven by 5 issuers.

ETF outflows

Grayscale’s GBTC led the outflows with $121 million, raising its full outflows to $18.03 billion. Ark Invest’s ARKB followed with astir $57 cardinal successful nett outflows. Bitwise’s BITB reported astir $12 cardinal successful outflows, portion Fidelity and VanEck saw smaller nett outflows of $7.4 cardinal and $3.8 million, respectively.

Despite these important outflows, the funds person accumulated a full nett inflow of $15.42 cardinal since their motorboat successful January.

Table showing the flows for spot Bitcoin ETFs successful the US (Source: Farside)

These important outflows contributed to Bitcoin’s terms driblet to arsenic debased arsenic $66,207 successful the past 24 hours. Crypto expert Patrick Scott commented:

“Bitcoin ETFs are adding a caller reflexive constituent to price, wherever off-hours dumps construe to outflows connected the adjacent trading day.”

Bitcoin has since recovered to $67,449 arsenic of property time.

FOMC ahead

Market experts judge that BTC’s caller terms show and the ETF outflows bespeak investors’ caution up of the important Federal Open Market Committee (FOMC) meeting.

Notably, 3 US lawmakers—Senators Elizabeth Warren, Jacky Rosen, and John Hickenlooper—have urged the Federal Reserve to little the national funds complaint from its two-decade precocious of 5.5%. They argued:

“This sustained play of precocious involvement rates is already slowing the system and is failing to code the remaining cardinal drivers of inflation.”

Despite this, the marketplace expects nary alteration successful involvement rates. According to the CME FedWatch Tool, 99.4% of investors foretell the complaint volition enactment astatine the existent level of 525-550 bps.

The station Bitcoin ETF outflows deed $200 cardinal up of FOMC meeting appeared archetypal connected CryptoSlate.