The post Retail Investors Still Bullish on Bitcoin (BTC) Ahead of FOMC Meeting appeared on BitcoinEthereumNews.com.

Bitcoin and the rest of the cryptocurrency market experienced a notable surge following the release of the latest US Consumer Price Index (CPI) data, and now eyes are on tonight’s Federal Open Market Committee (FOMC) meeting. Bitcoin and Ethereum posted gains of 3.4% and 2.43% over the past 24 hours, respectively. The crypto market remains uncertain, with BTC hovering at around $70,000, Ethereum struggling to get past $4,000, and investors treading with caution. However, there has been a notable shift in market sentiment, especially among retail traders on Binance. Retail Investors’ Long Positions According to Hyblock’s latest findings, 70.25% of accounts on crypto exchange Binance hold net long positions on Bitcoin, a significant increase from 57% just 24 hours prior. This essentially suggests that retail players are increasingly attempting to “buy the bottom,” showing a strong belief in a potential rebound ahead of the FOMC meeting. “We are down quite a bit, but retail is still favoring long positioning. 70.25% of accounts on Binance are currently in a net long on BTC. Just 24 hrs ago, this was 57%. In other words, they continue they continue trying to buy the bottom.” It is important to note that this behavior by retail investors comes amidst ETF outflows, which demonstrates investor caution ahead of the fact. Data compiled by Farside revealed that Grayscale’s GBTC experienced the largest net outflows amounting to $121 million. Following closely behind are ARK Invest’s ARKB, which witnessed $65.5 million, and Bitwise’s BITB with $11.7 million in outflows. Next up were Fidelity’s FBTC with $7.4 million and VanEck’s HODL with $3.8 million in outflows. Meanwhile, BlackRock’s IBIT did not record any activity on Tuesday. However, the latest wave of outflows ended the 19-day streak of net inflows for the 11 spot Bitcoin ETFs in the US, with outflows…

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Filed under: News - @ June 13, 2024 3:14 am