US Spot Bitcoin ETFs Return to Inflows Amid Massive BTC Price Volatility
The spot Bitcoin ETFs started the current business week negatively, ending their longest streak in terms of inflows on Monday.
However, the tides have changed once again, perhaps due to the promising US CPI numbers that came out yesterday.
CryptoPotato reported last Friday that these financial vehicles had recorded their 19th consecutive days of positive flows, which was the longest streak since they saw the light of day in mid-January 2024.
The landscape changed on Monday and especially on Tuesday, with outflows of $64.9 million and $200.4, respectively.
The change in investors’ perspective could have been attributed to the uncertainty in the US and the important economic developments such as the CPI and the latest FOMC meeting, both of which took place yesterday.
Once the Consumer and Price Index data came out and the numbers for May were slightly better than expected, the trend changed once again.
On the one hand, BTC’s price shot up immediately by two grand and touched $70,000. On the other, investors returned to the spot Bitcoin ETF scene by pouring in $100.8 million.
The FOMC meeting went as expected as the US central bank said it will not change the interest rates this cycle, unlike what the ECB did.
Although this was an anticipated outcome, bitcoin’s price reacted with a sudden drop that drove it south by three grand. As of now, BTC stands at just over $67,500, but this enhanced volatility has resulted in more than $200 million in liquidations over the past 24 hours.
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