- Current Bitcoin Metrics
- Impact of Inflation and Economic Data on Cryptocurrency
- Institutional Funds Market and Crypto-ETFs
Over the past 24 hours, Bitcoin has experienced a 4% drop, reaching the $58,000 mark. This occurred against the backdrop of the latest U.S. consumer price index (CPI) data for July.
Current Bitcoin Metrics
Bitcoin is currently trading close to the $58,000 mark, having decreased by 4% in the last 24 hours. This downturn is attributed to the release of U.S. inflation data.
Impact of Inflation and Economic Data on Cryptocurrency
According to the latest data, U.S. inflation for July grew by 2.9% year-on-year, falling below the 3% threshold for the first time since March 2021. These figures prompted the sell-off of Bitcoin, which has been highly correlated with U.S. economic data in recent months. While the NASDAQ and S&P 500 closed with gains, BTC continued to decline following the CPI data release.
Institutional Funds Market and Crypto-ETFs
On Wednesday, U.S.-listed spot bitcoin exchange-traded funds (ETFs) had a net outflow of $81 million, halting two days of growth. Grayscale’s GBTC experienced a net outflow of $56 million, and Fidelity’s FBTC saw a net outflow of $18 million. ARK Invest’s ARKB and Bitwise’s BITB had losses of $6.7 million and $5.7 million, respectively. The only funds that showed positive results were Franklin Templeton’s EZBC and BlackRock’s IBIT, with a combined net inflow of $6 million. Ethereum ETFs showed a positive trend with $10 million in net inflows over three consecutive days.
The increased impact of economic data on the cryptocurrency market reflects its growing interconnectedness with macroeconomic indicators. Despite the decline in Bitcoin, stock markets demonstrated growth, highlighting the diverse factors influencing different asset classes.
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