Bitcoin ETFs See $630M Outflow, Inflation Fears Blamed

U.S. Bitcoin ETFs suffered a record $630 million outflow on Wednesday, driven by hot inflation numbers and a shift towards risk aversion. BlackRock, ARK Invest, Fidelity, and Bitwise were among the hardest hit, with redemptions totaling nearly $600 million. This reversal comes after a strong five-week run of inflows. Analysts attribute the sell-off to inflation reports, with Aprils CPI topping forecasts and producer prices jumping to 6%. The sell-off was not sudden, with significant outflows on May 7th and 12th. Bitcoin is currently hovering at $79,540, down 1.6% after teasing $82,000 over the weekend. Prediction markets suggest cautious short-term bets, but a strong likelihood of pushing towards $84,000 next. Support the show:Get a discount at https://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/99010ace85c3770e