Bitcoin ETF inflows surged on Wednesday, with a total of $101 million reported in the latest update. Leading the pack was the Fidelity Wise Origin Bitcoin Fund (FBTC) with inflows of $50.6 million. BlackRock’s iShares Bitcoin Trust (IBIT) and Bitwise Bitcoin ETF (BITB) followed, with inflows of $15.6 million and $14.5 million respectively.
According to coinshibainu.com, Bitcoin’s price experienced a significant correction earlier this week after Bitcoin ETFs ended their 19-day streak of inflows. On Tuesday, the leading cryptocurrency dropped to a low of $66,011 on the Bitstamp exchange.
Bitcoin saw a sharp rise on Wednesday following the latest U.S. Consumer Price Index (CPI) report, which indicated that inflation was cooling. However, it pared most of these gains within the same day after the Federal Reserve signaled it would only implement one interest rate cut. Furthermore, Federal Reserve Chairman Jerome Powell stated that the Fed needs to boost confidence in inflation before considering easing monetary policy.
Read more Bitcoin (BTC) Rebounds Past Key $69,000 Level Following May CPI Report
Renowned gold expert Peter Schiff recently warned Bitcoin bulls that ETFs would not rescue them, as today’s buyers could become tomorrow’s sellers. Michael Alig, Chief Investment Officer at MassMutual, told CNBC that institutional investors exposed to Bitcoin ETFs are unlikely to be “diamond hands” due to portfolio rebalancing.
This market activity highlights the ongoing volatility and investor sentiment surrounding Bitcoin, influenced by macroeconomic indicators and policy signals from the Federal Reserve.
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