US spot Bitcoin exchange-traded funds (ETFs) faced significant net outflows of $200 million on Tuesday, continuing the trend that ended a record streak of consecutive net inflows from Monday.
US Spot Bitcoin ETFs See $200 Million Net Outflow Ahead of FOMC Meeting
Grayscale's GBTC led the outflows with $121 million leaving the fund on Tuesday. Ark Invest's ARKB followed with a net outflow of $56 million, while Bitwise's BITB retreated $12 million. Fidelity and VanEck also experienced single-digit net outflows, according to SoSoValue data.
Other funds, including BlackRock's IBIT, recorded no flows on Tuesday, indicating a broader cautious trend among investors.
11 U.S. spot bitcoin ETFs had just ended a 19-day streak of net inflows in which they accumulated $64.93 million on Monday. Despite recent outflows, these funds have generated a total of $15.42 billion in net inflows since their launch in January.
Market participants are now closely watching key economic indicators to be released later this week. Federal Open Market Committee (FOMC) meeting results and the latest Consumer Price Index (CPI) data will be announced today.
CPI, a key measure of inflation, is expected to rise 0.1% from April, signaling a broader disinflationary trend, according to a report published on CNBC.
The Federal Reserve's rate-setting meeting is not expected to bring any surprises, with CME Group predicting a 99.4% probability that the Fed will maintain its current 5.25% to 5.50% interest rate.
*This is not investment advice.