Bitcoin Rebounds Amid $465M ETF Outflows, Eyes August CPI Report
Bitcoin has rebounded to around $65,500 after briefly dropping following outflows from U.S. spot bitcoin ETFs. Over two days, $465 million was withdrawn from these funds, ending a week-long streak of inflows.
Despite this setback, Bitcoin managed to hold steady between $63,700 and $65,500, supported by the increasing liquidity in the U.S., which has reached $5.92 trillion. This surge in cash flow is seen as a positive indicator for the market.
Experts believe that the ETF outflows are primarily due to forced liquidation of leveraged long positions rather than a broad sell-off.
The market now looks forward to the August 12 CPI report, which could influence Federal Reserve policy and Bitcoin's next price move. This event will be closely watched by investors as it may have a significant impact on the cryptocurrency's value.