In the dynamic landscape of cryptocurrency funds, the ebb and flow of capital is a constant. On a notable Tuesday, the investment currents shifted markedly. Grayscale’s GBTC experienced a significant exodus of funds, with **$32.38 million** departing its coffers. In a similar vein, Bitwise’s BITB saw a reduction of **$6.76 million**.
Conversely, BlackRock’s IBIT welcomed an infusion of **$14.12 million**, while Fidelity’s FBTC saw an addition of **$5.42 million** to its assets. The day also witnessed **$3.51 million** flow into VanEck’s bitcoin fund and **$2.48 million** into the collaborative effort of Ark Invest and 21Shares’ ARKB.
This activity culminated in a net withdrawal of **$13.62 million** from the 11 U.S. spot bitcoin ETFs, a pivot back to outflows after a streak of five days of positive inflows, as reported by SosoValue statistics. Trading volume for these funds on the day in question remained below the **$1 billion** mark, a stark contrast to the daily volumes of **$8 to $10 billion** seen at the peak of trading activity in March. Since the inception of these ETFs in January, they have collectively seen a net inflow of **$14.64 billion**.
The cryptocurrency market is not immune to external influences, as evidenced by Bitcoin’s price trajectory. Federal Reserve Chairman Jerome Powell, while expressing cautious optimism about recent inflation data, conveyed his hesitance to proceed with interest rate reductions. His comments on July 2nd coincided with a downturn in Bitcoin’s value, which dropped to **$60,144**—a **4.13%** decline over the preceding 24 hours, according to CMC data.
Powell’s assessment of the central bank’s progress in curbing inflation was one of measured success. He underscored the importance of ensuring that inflation is on a consistent path towards the Federal Reserve’s target of sub-2% levels, as indicated by US PPI data. The central bank’s monetary policy easing remains on hold until such certainty is achieved.
In today’s highlighted cryptocurrency news, the spotlight falls on Bittensor’s TAO Token, which saw a precipitous **13%** fall. The factors contributing to this decline remain a topic of keen interest within the crypto community.
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