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The recent notable cash outflows from US-based spot Bitcoin ETFs have increased overall crypto fear leading to ongoing altcoin selloff.
The bearish sentiment wasn’t limited to the US. Even on the global scale, digital asset investment products saw their largest outflow of over $600 million in almost three months.
For Ethereum, Kaiko Research stated that the approval of the Ethereum ETF will lead to a long-term increase in price.
The liquidations primarily took place on centralized exchanges, with Binance recording the largest single liquidation order of around $4.21 million.
While Bitcoin (BTC) has been regarded as exponential gold, its recent growth has significantly slowed down, thus increasing the divergence between adoption and underlying value.
Fidelity’s FBTC, the once-hot ETF, bore the brunt of the selling pressure, seeing its second-largest net outflow day ever with $106 million leaving the fund.
The accelerated Bitcoin (BTC) purchases by institutional investors and some nation-states have reduced the overall selling pressure on centralized exchanges.
Even with positive inflation data, the Federal Open Market Committee (FOMC) decided to keep the federal funds rate target range at 5.25% to 5.50% during their June meeting.
The upcoming FOMC meeting and the release of actual CPI data could significantly impact investor confidence and influence the net flow trend for Bitcoin ETFs.
Bitcoin is hovering around $67,000 as investors await significant updates from the United States. Today, the Federal Open Market Committee (FOMC) meeting results and the latest Consumer Price Index (CPI) data are set to be released.
While prices might drop to $60,000, some analysts are optimistic. They believe large traders’ “spot absorption” and swift sell order removals at $72,000 indicate strategic market manipulation by whales, preventing further decline.
The US spot Bitcoin ETFs registered a net outflow of about $65 million on Monday, coinciding with the crypto selloff in the past 24 hours.
The launch of the fund is a testament to Ripple’s strong belief in the potential of Japan and Korea as pivotal regional hubs for blockchain innovation.
While Gold ETFs have been for the past 20 years, five-month-old US spot Bitcoin ETFs currently have 60% of their AUM.
The Bitcoin (BTC) price chart is forming an inverse head and shoulder pattern and a breakout above $72,000 could push it rallying all the way to $83,000.