Bitcoin ETF Trading Volumes Hit 4-Week High But GBTC Outflows Escalate
This week, the Bitcoin price has been facing strong selling pressure with the Bitcoin ETFs reporting two consecutive days of outflows after 19 consecutive days of inflows. On Tuesday, June 11, the total outflows registered by the US bitcoin ETFs surged to $200 million.
Bitcoin ETF Trading Volumes Spikes
According to data from Santiment, Bitcoin ETF trading volume has surged to its highest level since May 15. This spike, observed among the top seven largest ETFs, suggests a potential for a price turnaround. Analysts believe the recent volume increase is likely a response to a dip-buying opportunity, indicating renewed investor interest and activity in the market.
Courtesy: Santiment
On June 11, US Bitcoin spot ETFs experienced a total net outflow of $200 million, marking the second consecutive day of outflows. Grayscale’s GBTC alone saw a single-day outflow of $121 million. Consequently, the total net asset value of Bitcoin spot ETFs has dropped below $60 billion, currently standing at $59.227 billion.
BTC Price Rebound Ahead?
Santiment reports that Bitcoin’s recent dip below $67,000 has led to an increase in buy calls on social media. Historically, when sell calls start to close the gap on buy calls, it indicates rising panic and fear, often leading to a rebound in cryptocurrency prices.
The May 2024 Consumer Price Index (CPI) report will arrive later today, at 12:30 pm UTC (11 hours from now). Analysts currently anticipate a 3.4% Year-over-Year (YoY) or 0.3% Month-over-Month (MoM) increase.
Should the actual figures come in lower than expected, it could signify a slowdown in inflation, potentially boosting the prospects of cryptocurrency prices rising. Conversely, if the numbers exceed expectations, it may indicate ongoing inflation concerns, potentially leading to a drop in cryptocurrency values.
Ahead of the FOMC meeting, the Bitcoin price faces strong selling pressure amid BTC miner capitulation. If the Bitcoin price drops under $67,000, we can see a further pullback of 5-8% in the coming weeks.
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Filed under: News - @ June 12, 2024 6:26 am