• US Bitcoin ETFs saw $200 million in net outflows on Tuesday.
• Grayscale’s GBTC experienced the largest reduction with $121 million.
• Upcoming economic indicators may influence the Fed’s monetary policies.

The U.S. spot Bitcoin exchange-traded funds experienced a significant shift this week as they recorded net outflows of $200 million on Tuesday, following a previous day of withdrawals that ended a 19-day streak of consecutive net inflows. Data from SoSoValue highlighted that the largest outflows were from Grayscale’s GBTC, which saw a reduction of $121 million. Ark Invest’s ARKB followed with $56 million in outflows, and Bitwise’s BITB experienced $12 million in withdrawals.

Both Fidelity and VanEck reported smaller, single-digit million outflows. The sequence of outflows comes after a period of robust inflows that had brought the total net contributions to these funds to $15.42 billion since their inception in January. However, the recent trend reversal has worried investors concerning the impact on the market.

This is happening at the same time when people are looking forward to the release of the economic data in the U. S for this week. The focus remains on the FOMC meeting and the consumer price index report.

CPI which is an important inflation indicator is expected to rise by only 0.1% from April. This increment predicts the ongoing disinflationary process which could affect the future policy of the Federal Reserve. Analysts are focusing on these economic figures as the CME Group has the following forecast for the present period – 99. 4%. Anticipating the Federal Reserve’s monetary policy, it is estimated to have a chance of keeping the interest rates unchanged at the current level of 5. 25% to 5. 50%.

However, a Reuters poll of economists has predicted that the Fed would commence cutting rates as early as September this year and do so twice. Macroeconomic factors have influenced markets and in particular, cryptocurrencies and Bitcoin with fluctuations. Now, the cost of a Bitcoin is $67,500, which is lower than the record $71, 850 set last week. This price movement is indicative of the present situation of investors’ risk appetite with future economic policies and its effect on the valuation of assets.

Read also:

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• Gate.io Stands Strong Despite Huge Outflow Triggered by Community Rumor
• Crypto Market Bleeds Again, Correction Continues as ETF Outflows Outweigh Inflows for First Time 19 Days
• Massive Binance Withdrawals Raises in the Last 24 Hours

The post US Spot Bitcoin ETFs See $200M Outflows; Market Reacts U.S. spot Bitcoin appeared first on Crypto News Land.

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