"Spot Bitcoin ETFs recorded USD 630 million in outflows on Wednesday, one of the largest withdrawals this year. This comes amid large outflows over the last week, weighing on the asset as it reached a multi-month high this month."
"The cryptocurrency could continue to face increasingly less supportive macro conditions. Recent US inflation data surprised to the upside, reinforcing expectations that the Federal Reserve may maintain a cautious monetary policy stance for a longer period of time, while anticipations of potential tightening grow stronger, which could continue to support bond yields and weigh on non-yielding assets."
"The market could continue to react to changes in risk appetite, inflation concerns and geopolitical developments. As such, new economic data could tilt monetary policy expectations, while discussions between US President Donald Trump and Chinese President Xi Jinping could influence sentiment to a certain extent. Any deterioration in risk appetite could pressure risk assets, including cryptocurrencies."
Spot Bitcoin ETFs recorded USD 630 million in outflows on Wednesday, one of the largest withdrawals this year. Outflows over the prior week weighed on Bitcoin after it reached a multi-month high earlier in the month. Bitcoin may remain under pressure following successive sessions of decline and two days of intensive ETF outflows. Recent US inflation data came in above expectations, reinforcing expectations that the Federal Reserve will keep a cautious monetary policy stance for longer. Expectations of potential tightening could support bond yields and weigh on non-yielding assets like Bitcoin. Market moves may also depend on risk appetite, inflation concerns, and geopolitical developments, including potential sentiment effects from US President Donald Trump and Chinese President Xi Jinping discussions.
Read at London Business News | Londonlovesbusiness.com
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