Category: Forex News

Bitcoin (BTC) News Today: US Inflation Hits BTC-spot ETFs, Sending BTC to Sub-$70,000

According to BitMEX Research, the BTC-spot ETF market saw total net inflows of $683.7 million on March 13. Total net inflows were below the record high of $1,045.1 million on March 12. A jump in net outflows from Grayscale Bitcoin Trust (GBTC) and a pullback in iShares Bitcoin Trust (IBIT) net inflows impacted the headline number.

GBTC saw net outflows of $276.5 million, up from $79.0 million. IBIT saw net inflows fall from $849.0 million to $586.5 million.

IBIT held the number one spot by net inflows on Mar 12, while Fidelity Wise Origin Bitcoin Fund (FBTC) retook the second spot. FBTC saw net inflows climb from $51.6 million (Mar 12) to $281.5 million (Mar 13).

However, US economic indicators from Thursday could impact BTC-spot ETF market flows.

US Producer Prices Reduce Bets on an H1 2024 Fed Rate Cut

US producer prices increased by 1.6% year-on-year in February, according to figures on Thursday. In January, producer prices were up 1.0%. Economists forecast a 1.1% increase in producer prices.

The hotter-than-expected numbers reduced bets on an H1 2024 Fed rate cut, sending US Treasury yields higher. Reducing bets on a Fed rate cut put pressure on riskier assets. BTC fell to a Thursday session low of $68,554 before retaking the $71,000 handle.

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