Overview

The crypto market experienced a significant shift on June 12 as Bitcoin Exchange-Traded Funds (ETFs) observed a reversal in flows, garnering $101 million in net inflows after consecutive outflow days. Concurrently, BTC soared above $67,000 amidst market fluctuations.

Bitcoin ETF Inflows Dynamics

As per SoSoValue's recent analyses, the following notable inflows were reported for US crypto products on June 12:

• BlackRock's IBIT: $16 million
• Fidelity's FBTC: $51 million
• Ark Invest and 21Shares' ARKB: $9 million
• Bitwise's BITB: $15 million
• VanEck's HODL: $12 million

Meanwhile, Grayscale's GBTC and other BTC ETFs remained stable without any significant changes in inflows or outflows.

The total net asset value across Bitcoin ETFs reached a substantial $60 billion, highlighting investor confidence in the digital asset market.

BTC Price Surge Analysis

Amidst the ETF activities, Bitcoin showcased robust performance, trading above $67,000 at the time of writing. The surge came amid heightened market volatility linked to key economic updates and unexpected miner behavior.

Economic Milestones

June 12 marked pivotal economic events, including the release of the CPI report indicating moderated inflation levels. Additionally, the Federal Reserve opted to maintain interest rates between 5.25% and 5.50%, with adjusted forecasts projecting a single quarter-point cut by the end of 2024 – a substantial shift from the earlier projection of three quarter-point cuts disclosed in March.

This transformative scenario underscores the intricate relationship between economic indicators, market dynamics, and Bitcoin's price fluctuations, signaling the necessity for a nuanced approach in navigating the crypto sphere.