Bitcoin Retreats Amid ETF Outflows, Market Anticipates CPI Report

Bitcoin Retreats Amid ETF Outflows, Market Awaits CPI Report

Bitcoin (BTC) has retreated to the $68,000 range after hovering around $70,000 for several days. BTC is currently trading at $69,100, marking a recent decline.

Spot Bitcoin ETFs See $242.4 Million Outflow in Two Days

This downturn aligns with two consecutive days of negative outflows for US-traded spot Bitcoin exchange-traded funds (ETFs). Farside data reveals that the US spot Bitcoin ETFs experienced outflows totaling $223.8 million on April 8, 2024, followed by $18.6 million on April 9, 2024. Grayscale Bitcoin Trust (GBTC) remains the primary driver of these outflows, with a total of $458.2 million over the two days.

Hong Kong to Launch Spot Bitcoin ETFs

News from the Asian market offers a glimmer of bullish sentiment for Bitcoin. Hong Kong plans to release its first four spot Bitcoin ETFs on April 15, with the Hong Kong Stock Exchange preparing for their launch approximately two weeks later. Despite this positive development, the official confirmation from the Securities and Futures Commission (SFC) is awaited.

Factors Influencing Bitcoin Price

Macroeconomic factors, including the upcoming release of the US Consumer Price Index (CPI) data for March 2024, play a significant role in the current market sentiment. Investors are likely in a “wait and see” mode, observing the impact of economic indicators on Bitcoin's price movement.