Spot Bitcoin ETFs are also seeing outflows this week
Bitcoin’s price dropped below $67,000 on Tuesday morning as investors remained uncertain about inflation data and the Fed’s decision on whether to cut interest rates. On Wednesday, the Consumer Price Index (CPI) for May will be released in the morning, and the Federal Reserve’s interest rate decision will come out at 2 p.m. EST. Chair Jerome Powell will speak about the decision at 2:30 p.m.
The top cryptocurrency neared all-time highs last week but pulled back over the weekend. On Tuesday morning, Bitcoin’s price was $66,830, down 3.5% from the previous day.
Ether, the second-largest cryptocurrency by market capitalization, also saw a decline of over 4% and was hovering around $3,500. At the same time, Solana, Dogecoin, and Cardano have dropped over 3.5% each on Tuesday morning, sending worrying signals. The global crypto market cap has slipped 3.3%, according to CoinMarketCap.
Meanwhile, spot Bitcoin ETFs have also seen outflows in the past few days following last week’s investment boom. According to Bitcoin ETF tracker Farside, spot Bitcoin ETFs saw over $64 million in outflows on Monday. Over $20 million in outflows came from the Invesco Galaxy Bitcoin ETF, BTCO, followed by $15 million from the Valkyrie Bitcoin Fund, BRRR, and $3 million from Fidelity’s FBTC. Grayscale’s GBTC, which has a history of seeing outflows, saw an outflow of $39.5 million.
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