CDS Crypto News BTC Dips: ETFs Break 19-Day Winning Streak Amid Concerns Over US Inflation Trends
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BTC Dips: ETFs Break 19-Day Winning Streak Amid Concerns Over US Inflation Trends

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BTC Dips: ETFs Break 19-Day Winning Streak Amid Concerns Over US Inflation Trends

BTC Dips: ETFs Halt 19-Day Bull Run Amid US Inflation Anxiety

Crypto News- As the U.S. braces for inflation data and a pivotal Fed meeting, Bitcoin took a plunge to its weekly low. The leading cryptocurrency, Bitcoin (BTC), saw a 2.3% drop, sliding to $66,729, hitting its lowest mark since June 3, as per Cointelegraph Markets Pro.

This decline wasn’t exclusive to Bitcoin; other major cryptocurrencies felt the pinch too. Ethereum (ETH) dropped to $3,523, Solana (SOL) dipped to $154, and Dogecoin (DOGE) fell to $0.14 over the last 24 hours.

U.S. Bitcoin ETFs See First Net Outflow in 19 Days: Grayscale and Invesco Lead the Exodus

BTC Dips: ETFs Break 19-Day Winning Streak Amid Concerns Over US Inflation Trends
BTC Dips: ETFs Break 19-Day Winning Streak Amid Concerns Over US Inflation Trends 1

The catalyst for Bitcoin’s downturn? The U.S. spot Bitcoin exchange-traded funds (ETFs) collectively saw their first net outflow in over 19 trading days, totaling $64.9 million on June 10, according to Farside Investors. Notable among these outflows were $39.5 million from the Grayscale Bitcoin Trust (GBTC), $20.5 million from the Invesco Galaxy Bitcoin ETF (BTCO), and a minor $3 million from the Fidelity Wise Origin Bitcoin Fund (FBTC). On the flip side, Bitwise and BlackRock’s ETFs witnessed modest inflows of $7.6 million and $6.3 million, respectively.

Inflation Anxiety Peaks as May CPI Figures Await Release: Analysts Brace for Potential 3.4% Year-on-Year Surge

The timing couldn’t be more crucial, with the U.S. Bureau of Labor Statistics slated to unveil May’s Consumer Price Index (CPI) figures on June 11. Analysts are eyeing a 0.1% inflation uptick after April’s 0.5% surge, potentially bringing the year-on-year figure to 3.4%, with core inflation expected to mirror April’s 0.3% rise, as reported by Morningstar.

Meanwhile, the Federal Reserve’s monetary policy hangs in the balance as the two-day Federal Open Market Committee (FOMC) meeting kicks off on the same day. Investment research firm Zacks predicts that a Fed interest rate cut is off the table, with the central bank likely to maintain its 23-year high target rate of 5.25% to 5.5%.

FAQ

Why did Bitcoin experience a significant drop recently?

Bitcoin plummeted to its weekly low due to various factors, including anticipation of inflation data and a crucial Federal Reserve meeting. Additionally, the outflow of funds from U.S. spot Bitcoin exchange-traded funds (ETFs) contributed to the downturn.

How did other major cryptocurrencies fare during this period?

Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE) also witnessed declines in value over the past 24 hours. Ethereum dropped to $3,523, Solana dipped to $154, and Dogecoin fell to $0.14.

For the latest in crypto updates, keep tabs on Crypto Data Space.

BTC Dips: ETFs Break 19-Day Winning Streak Amid Concerns Over US Inflation Trends

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