Bitcoin ETF Volume Reaches Peak As Market Conditions Stir Turnaround Hopes

Bitcoin ETF trading volume surged to its highest level since May 15, according to data from the seven largest ETFs. This spike in volume often signals a potential price turnaround for Bitcoin.

Bitcoin ETF volume has jumped to its highest level since May 15th, according to data from the top 7 largest ETF's. When these volume spikes occur, there is more of a chance of prices making a turnaround. This latest spike was likely a dip buy reaction. Do you expect a bounce? pic.twitter.com/Kkv5tU3Mji

— Santiment (@santimentfeed) June 11, 2024

In related news, the latest Consumer Price Index (CPI) data for May revealed a slight dip in the annual CPI to 3.3%, falling below market expectations. Additionally, Core CPI has dropped to its lowest level since April 2021.

JUST IN: US Inflation Update: May Sees Slight Dip in Annual #CPI to 3.3%, Below Expectations; Core CPI Drops to Lowest Since April 2021 pic.twitter.com/ZA7Xii5yD5

— CoinEcho (@mycoinecho) June 12, 2024

Analyst Ali Martinez highlights a trend where Bitcoin tends to rebound following Federal Open Market Committee (FOMC) meetings. Today, Bitcoin’s price jumped 4%, surpassing the $69,000 mark.

Surprise, surprise! https://t.co/ZMTzraCbzY pic.twitter.com/JPfrzvcVNo

— Ali (@ali_charts) June 12, 2024

Over the past 48 hours, a significant amount of Bitcoin, totaling 14,140 BTC and valued at approximately $954.50 million, has been withdrawn from cryptocurrency exchange wallets.

Over 14,140 $BTC worth around $954.50 million have been withdrawn from #crypto exchange wallets in the last 48 hours! pic.twitter.com/MPPfpVTLFO

— Ali (@ali_charts) June 12, 2024

Bitcoin ETFs Records Negative Net Inflows

However, Bitcoin ETFs have seen negative net inflows. On June 11, 2024, the net outflow for Bitcoin ETFs was $200 million. No U.S. Bitcoin ETFs recorded inflows yesterday.

Notably, Grayscale’s Bitcoin Trust (GBTC) saw its single-day outflow triple from $39.5 million to $121 million.

Meanwhile, BlackRock’s iShares Bitcoin Trust (IBIT) experienced no net flow change. After two consecutive trading days, the overall net inflow remains negative.

$BTC #ETF Net Inflow June 11, 2024: -$200M!

• No US Bitcoin ETFs experienced inflows yesterday .

• #Grayscale (GBTC) increased its single-day outflow from $39.5M to $121M (3x).

• #BlackRock (IBIT) experienced a net flow of $0.

• Overall, the net inflow has been… pic.twitter.com/RlmtGrPGYG

— Spot On Chain (@spotonchain) June 12, 2024

These movements in Bitcoin ETF volumes and net inflows are contributing to the anticipation of a potential market shift, influenced by both economic indicators and investor behavior.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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