The cryptocurrency market saw a positive turn today following the release of the United States Consumer Price Index (CPI) data. Despite this, data from on-chain analytics firm Lookonchain revealed that nine Bitcoin ETFs experienced a substantial outflow of 2,199 Bitcoin, valued at $153.4 million. This outflow reflects the cautious sentiment in the crypto market before the CPI data was published.
Spot Bitcoin ETF market saw $153.4 million outflow
The most significant outflow was from ARK21Shares’s ARKB, which saw 840 Bitcoin, worth $58.6 million, withdrawn. This outflow reduced ARK21Shares’s holdings to 48,199 Bitcoin, now valued at $3.36 billion. Similarly, Grayscale’s GBTC experienced an outflow of 580 Bitcoin, worth $40.5 million, bringing its holdings down to 283,966 BTC, valued at $19.81 billion.
In contrast, BlackRock’s IBTC and other major funds, including Vaneck Bitcoin Trust (HODL), Valkyrie Bitcoin Fund (BRRR), and Franklin Bitcoin ETF (EZBC), reported no outflows. However, other funds like Bitwise Bitcoin ETF (BITB), Invesco Galaxy Bitcoin (BTCO), and Fidelity Wise Origin Bitcoin Fund (FBTC) did see significant outflows.
Bitcoin price-performance analysis
Despite these outflows, Bitcoin is currently trading near $69,550, showing a 4.5% increase in the last 24 hours. Over the past 7 days, Bitcoin has seen a 2.5% decline, while in the past 30 days, it has achieved a modest 10% gain. This positive market reaction suggests that investors are optimistic about the long-term prospects of Bitcoin, especially following the CPI data release.
There is optimism that the market might see a large inflow of funds following the CPI data release. This could reverse the recent outflows and support further price gains for Bitcoin and other cryptocurrencies. Analysts will be watching closely to see if this positive momentum can be sustained in the coming days.
