Bitcoin traded sideways on Thursday following substantial outflows from Bitcoin and Ether ETFs of USD 251.03 million and USD 40.95 million, respectively. This selling pressure correlates with unexpected U.S. inflation data for January that led traders to anticipate a slower trajectory for Federal Reserve rate cuts, raising caution across the crypto market. Conversely, state-level strategic bills in 20 states propose significant Bitcoin purchases, potentially supporting prices. Additionally, the upcoming addition of Metaplanet to the MSCI Japan Index could increase Bitcoin's appeal to institutional investors, affecting demand positively.
Bitcoin's recent sideways movement follows significant outflows from Bitcoin and Ether ETFs amidst stronger U.S. inflation data, leading to a bearish market outlook.
In response to the inflation data, traders are now bracing for a slower pace of Fed rate cuts, contributing to increased caution in the crypto market.
Proposed state-level strategic Bitcoin reserve bills across 20 U.S. states could result in up to USD 23 billion in Bitcoin purchases, significantly impacting the market.
The inclusion of Metaplanet in the MSCI Japan Index signifies increased institutional visibility for Bitcoin, which could further influence market behavior positively.
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