- GBTC witnessed outflow of $32.38 million and BITB (Bitwise) shed $6.76 million.
- In contrast, $14.12M came into BlackRock’s IBIT and $5.42 million into Fidelity’s FBTC.
The 11 U.S spot bitcoin ETFs had a net withdrawal of $13.62 million on Tuesday, marking a return to negative flows after five consecutive days of inflows. According to SosoValue statistics, GBTC (Grayscale) witnessed outflow of $32.38 million and BITB (Bitwise) shed $6.76 million.
In contrast, $14.12 million came into BlackRock’s IBIT and $5.42 million into Fidelity’s FBTC. On Tuesday, $3.51 million poured into VanEck’s bitcoin fund, while $2.48 million poured into Ark Invest and 21Shares’ ARKB.
On Tuesday, the 11 bitcoin funds’ trading volume was under $1 billion. A marked decrease from the eight to ten billion dollars daily volume that was recorded at the height of trading in March. Since the ETFs began accepting investments in January, a total of $14.64 billion net inflow has been recorded.
Bitcoin Price Plummets
While Fed Chairman Powell was somewhat pleased with inflation data. He remains unsure about moving forward with rate decreases, according to remarks made by Powell on July 2nd. As of this writing, the price of Bitcoin has fallen to $60,144, a decrease of 4.13% in the previous 24 hours due to selling pressure as per data from CMC.
Compared to last year, the central bank has achieved considerable headway in reducing inflation, according to Jerome Powell’s remarks on Tuesday.
Nevertheless, he emphasized the need of having more certainty that inflation, according to US PPI data, is steadily approaching the Fed’s objective of less than 2%. The Federal Reserve would not begin to ease its monetary policies until that time had passed.
Highlighted Crypto News Today:
