- $51M poured into Fidelity’s FBTC, with BlackRock’s IBIT following next with $16 million.
- Bitcoin is now trading at $67,729, down 0.24% in the last 24 hours.
On Wednesday, a total of $100.9 million was poured into the eleven U.S. spot bitcoin exchange-traded funds, returning them to a net inflow position. On Monday and Tuesday, investors pulled their money out of the exchange-traded funds (ETFs), breaking a record 19-day inflow run.
SosoValue data shows that on Wednesday, $51 million poured into Fidelity’s FBTC, with BlackRock’s IBIT following next with $16 million. The BITB ETF from Bitwise received $15 million in net inflows, while the HODL ETF from VanEck received $12 million. Additionally, $9 million inflows were recorded by Ark Invest’s ARKB.
Funds from WisdomTree, Invesco, and others showed no flows, including Grayscale’s GBTC, which has mostly had net withdrawals since its January conversion.
Inflation Slowing Down
The expected important economic data from the US economy and Wednesday’s inflows happened at the same time. According to CNBC, the lack of a rise in May’s U.S. consumer price index from the Labor Department might indicate that inflation is slowing down.
But instead of cutting interest rates, the Federal Open Market Committee (FOMC) voted to keep them at their current range of 5.25% to 5.50% at a meeting on Wednesday. The Federal Reserve has announced that it expects just one rate decrease in 2024 since it does not think the deflationary trend has ended.
The price of Bitcoin surged to $70,000 on the news of this Fed data. Nonetheless, the price reversed course abruptly, unable to maintain its upward trajectory. According to statistics from CMC, Bitcoin is now trading at $67,729, down 0.24% in the last 24 hours.
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