Bitcoin Stabilizes Amid New ETF Outflows

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Bitcoin has stabilized after falling below $67,000 on Tuesdaywith traders awaiting the latest key US macroeconomic reports BTC rose to $68,000 during the late European morning, an increase of 1.3% in the last 24 hours. Meanwhile, Ether rose about 0.2% to just under $3,550. The CoinDesk 20 Index (CD20), which measures the broader digital asset market, is up about 0.25% in the last 24 hours. Attention will be focused on the IPC data, expected for today, from the USA and the result of the Federal Open Market Committee (FOMC) meeting, which will indicate the Fed’s monetary policy.

Bitcoin ETFs recorded the second consecutive day of departures on Tuesdaywith US$200 million coming out of the 11 spot products in the US, the highest amount since May 1st. Grayscale’s GBTC, as is often the case, was the most affected, with outflows of $120 million. Outflows from ARK 21Shares’ ARKB, Bitwise’s BITB, and VanEck’s HODL ranged from $57 million to $7 million. “Markets are [in] risk mode ahead of CPI and FOMC tomorrow. This month’s FOMC will also release the Dot Plot, which tells the market how many cuts the Fed anticipates for the rest of 2024,” Singapore-based QCP Capital said in a message broadcast on Tuesday. However, the firm added that its long-term outlook is optimistic “despite short-term headwinds.”

Donald Trump said he wants all remaining bitcoins to be “made in the USA”, having met with executives from mining companies CleanSpark and Riot. The Republican presidential candidate referred to bitcoin mining as the “U.S. last line of defense against a CBDC,” adding that President Biden’s “bitcoin hate” is beneficial to China and Russia. “We want all remaining Bitcoin to be MADE IN THE USA!!! This will help us be ENERGY DOMINANT,” Trump wrote in a post on the social media platform Truth Social on Tuesday night. The data suggests that more bitcoin is already mined in the USA than any other country, with 37.84% of the network’s total hashing power. Trump’s post indicates he wants that number to be much higher.

Chart of the Day

(Trade View)

• The chart shows that bitcoin has been under pressure since Friday, detaching from the Nasdaq, which reached new records.

• The Nasdaq could follow bitcoin’s slide if the impending US CPI for May exceeds expectations.

• Source – TradingView

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-Omkar Godbole

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