US Economic Data Negatively Impacts Bitcoin Spot ETFs, Leading to Outflows
Recent US economic data has caused uncertainty among investors, resulting in a shift away from riskier assets such as spot Bitcoin exchange-traded funds (ETFs). The outflows in these ETFs continued on Monday, with a total net outflow of $145.83 million reported by SoSoValue.
Fidelity’s FBTC, a leading fund in the market, experienced a significant outflow of $92 million on Monday, despite usually seeing net inflows. Other funds, such as ARKB, GBTC, and HODL, also recorded negative flows, while Bitwise’s BITB was the only fund with a minimal net inflow of $3 million.
The largest spot Bitcoin ETF, BlackRock’s IBIT, saw zero flows on Monday. These recent outflows have brought the cumulative total net inflows of spot Bitcoin ETFs down to $14.96 billion.
Investors had been expecting multiple interest rate cuts this year, but the Federal Reserve announced only one cut in 2024. This news, coupled with conflicting US nonfarm payrolls and unemployment data, has led to a decrease in Bitcoin’s price from $72,000 to $64,569.
It is important to note that this information is not investment advice. For those interested in investing in cryptocurrencies, Binance exchange offers a 20% commission discount for registration. Stay updated with exclusive news, analytics, and on-chain data by following our Telegram and Twitter accounts.
