First Mover Americas: Bitcoin Drops to Under $58K After U.S. CPI Data

Some traders expect bitcoin to drop as low as $55,000 in the near term, which could spell further losses for other major tokens. Crypto prices have been “highly sensitive” to U.S. economic data in recent months as investors prefer stability over riskier assets, according to K33 Research. “A new sell-off momentum is still the prevailing scenario, with a potential pullback to $55K,” Alex Kuptsikevich, the FxPro senior market analyst, shared in a Thursday note. “Data supporting the Fed’s imminent easing of monetary policy may encourage the bulls to overcome the short-term downtrend and give the green light to rise to $66K.”

U.S.-listed spot bitcoin ETFs recorded $81 million in net outflows on Wednesday, ending a two-day positive streak. Grayscale’s GBTC registered $56 million in outflows, the most among counterparts, with Fidelity’s FBTC recording $18 million in outflows. Ark Invest’s ARKB and Bitwise’s BITB lost $6.7 million and $5.7 million respectively. Franklin Templeton’s EZBC and BlackRock’s IBIT were the only products with net inflows, adding a cumulative $6 million. Ether ETFs fared better, with $10 million in net inflows, extending a streak to three days. BlackRock’s ETHA recorded $16 million in inflows, while Grayscale’s ETHE lost $16 million. Grayscale’s mini Ether trust ETH, Fidelity’s FETH and Bitwise’s ETHW took on a cumulative $11 million inflows.

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