The spot Bitcoin ETF market in the US saw another day of outflows, with $200 million exiting on Tuesday, June 11.
Bitcoin price fell sharply amid the outflows and as the market awaits key macroeconomic reports
After Monday saw $65 million in net outflows to end a 19-day streak of inflows, the sector recorded the massive outflows as BTC price slipped to near $66k.
This was a second-straight day of spot Bitcoin ETF outflows in the US, with market reaction to this week’s upcoming macroeconomic reports key to the outlook.
Bitcoin spot ETFs see $200 million in outflows
Per SoSoValue data tracking the performance of the US spot Bitcoin ETFs, Grayscale continued to lead in outflows, with $120 million recorded on June 11. GBTC has seen a total of $18 billion in outflows since spot ETFs debuted on exchanges in January.
On Tuesday, BlackRock’s IBIT recorded zero flows, while Fidelity’ FBTC ended with $7.4 million in outflows and Bitwise’s BITB saw redemptions reaching $11.7 million. ARK Invest’s ARKB had the second-largest outflows with $56.5 million while VanEck’s HODL accounted for $3.8 million.
Bitcoin price struggles
As the BTC ETFs struggled, Bitcoin price nosedived to lows of $66,000 – with the price of the flagship cryptocurrency sinking more than 5% in 24 hours.
Currently, BTC price is around $67,970, up 1.7% in the past 24 hours as positive sentiment seeps into the market.
The market however awaits crucial macroeconomic reports, including Consumer Price Index (CPI) and Fed’s interest decision. The two-day Federal Open Market Committee (FOMC) meeting ends on Wednesday and investors are keen on what the Fed Chair Jerome Powell has to say.
Commenting on the market and Bitcoin’s price drop, analysts at QCP Capital noted:
“Markets are risk-off mode ahead of CPI and FOMC tomorrow. This month’s FOMC will also release the Dot Plot, which informs the market how many cuts the Fed anticipates for the rest of 2024.”
In previous instances, Bitcoin price has bounced after FOMC meeting, recouping losses suffered in the lead up to the key economic event,
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