Bitcoin Slips Below $68K as ETFs Bleed $64M, Asian Stocks Decline

The U.S.-listed spot BTC ETFs registered a cumulative outflow of over $64 million on Monday.

AccessTimeIconJun 11, 2024 at 5:33 a.m. UTC
Updated Jun 11, 2024 at 1:17 p.m. UTC
  • BTC, Asian stocks traded lower Tuesday as prices for the safe haven Treasuries rose.
  • The U.S.-listed spot BTC ETFs registered a cumulative outflow of over $64 million on Monday.

It was a risk-off day in Asia.

Bitcoin, the leading cryptocurrency by market value, fell over 2% to $67,900, extending the retreat from recent highs near $72,000. Ether, the second-largest coin, followed suit, dipping below $3,550 at one point. The broader CoinDesk 20 Index fell 1% to $2,370 points.

The losses followed $64.9 million in cumulative outflows from the U.S.-listed spot bitcoin exchange-traded funds (ETFs), the first loss since at least May 23, according to provisional data published by Farside Investors. Inflows have recently been strong, although the market chatter is that they stem from institutions' growing interest in the non-directional basis trade rather than outright bullish bets.

In traditional markets, Chinese stocks fell over 1%, leading losses in the Asian equity indices amid lingering property market concerns and reports the Bank of Japan could trim its liquidity-boosting bond purchases this week.

The dollar index, which gauges the greenback's exchange rate against a basket of major fiat currencies, consolidated on two-day gains while prices for the supposed safe haven U.S. Treasuries ticked higher, pushing yields lower. The yield on the benchmark 10-year note fell by three basis points to 4.45%, according to charting platform TradingView.

Recent gains for right-wing parties in European elections and a snap poll announcement by France revived concerns about the cohesion of the European Union, adding uncertainty in the market.

\Meanwhile, Wednesday's U.S. CPI release and the Fed rate decision kept investors on the edge. Wednesday's FOMC will see the central bank publish its latest quarterly projections, including the interest rate dot plot (projections).

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