US Spot Bitcoin ETFs See $200M Net Inflow Ahead of Major Economic Indicators

On Tuesday, June 11, US spot Bitcoin exchange-traded funds (ETFs) experienced a net inflow of $200 million, as the market awaits key economic indicators, including CPI and FOMC data.

This followed Monday's outflows, which ended their record inflows.

Spot Bitcoin ETFs end 19-day earnings streak

According to data from Farside Investors, Greyscale's GBTC had the highest net inflows, totaling $121 million. Ark Invest's ARKB was next with $56.5 million. Other ETFs, such as Bitwise's BITB, reported outflows of $11.7 million, while Fidelity and VanEck had smaller net inflows of $7.4 million and $3.8 million, respectively. Meanwhile, other funds, including BlackRock's IBIT, saw little movement on Tuesday.

This wave of spending ended a 19-day streak of net gains for 11 position Bitcoin ETFs, which ended Monday with $64.93 million in spending. Despite the recent downturn, these funds have amassed a total of $15.42 billion in net inflows since joining in January.

The latest flows and market reaction come at a crucial time, with investors awaiting key economic indicators from the US, including Federal Open Market Committee (FOMC) meeting results and Consumer Price Index (CPI) data.

The final CPI report, expected on Wednesday, June 12, could influence the Federal Reserve's interest rate path. According to CNBC, the CPI is forecast to show a modest increase of 0.1% from April, indicating a broader inflation trend.

The Federal Reserve's rate-setting meeting is unlikely to surprise the market, with a 99.4% chance that the Fed will keep the current interest rate at 5.50%. However, according to a Reuters poll of economists, the Fed may cut rates twice this year, possibly starting in September.

BTC to $66K, ProShares Files for Spot ETH ETF

Amidst these developments, the price of bitcoin fell on Tuesday, falling from over $70,000 to $66,000. According to CoinGecko, Bitcoin is currently trading at $67,400, down from last week's high of nearly $72,000.

In other related developments, ProShares filed an S-1 registration statement for its spot Ethereum ETF on June 10, making it the ninth filing with the SEC, following the approval of eight others three weeks ago.

The SEC has added ProShares' Ethereum ETF filing to its website. (That's too fast) At first instinct says this won't start on day 1 with other ETFs but who knows. This is interesting. pic.twitter.com/npZYnljBmY

— James Seyff (@JSeyff) June 10, 2024

In another post, Seifert said the new filing has not yet been approved by the SEC, but has just been acknowledged and added to its website. He also finds it interesting that ProShares is entering the ETH ETF race so late.