Bitcoin ETFs saw a significant $200 million outflow on Tuesday, marking the second consecutive day of losses for U.S.-listed spot bitcoin exchange-traded funds. This trend comes as traders are taking a cautious approach ahead of key macroeconomic reports.
According to data from SoSoValue, eleven ETFs experienced net outflows, with Grayscale’s GBTC leading the pack with $120 million in outflows. Since its launch in January, GBTC has accumulated a total of $18 billion in outflows, making it the worst-performing ETF in this regard.
Other ETFs such as Ark Invest’s ARKB, Bitwise’s BITB, Fidelity’s FBTC, and VanEck’s HODL also saw notable outflows ranging from $7 million to $56 million. None of these ETFs received any inflows during this period.
The outflows are likely a result of traders de-risking ahead of the U.S. Consumer Price Index (CPI) reading and the Federal Open Market Committee (FOMC) meeting scheduled for later today. These events have created a sense of caution in the market, with experts predicting that the Federal Reserve will maintain the current interest rate of 5.50%.
In addition, Treasury Secretary Janet Yellen’s upcoming speech on Friday is expected to impact riskier assets, including cryptocurrencies. Yellen’s past statements have been known to cause significant market reactions, further adding to the cautious sentiment in the market.