Major Bitcoin ETF Inflows Fail to Stop BTC From Sliding Further: Market Watch

ETH, XRP, and SOL are also in the red daily. Although the net inflows into the spot BTC ETFs hit a monthly high of well over $500 million yesterday, the underlying asset’s price was still rejected at $83,000 and slipped by almost two grand since then. Most altcoins have followed suit, led by substantial losses from BTW, which has tanked by over 30%, as well as RAIN and NEAR. BTC Dips Again The primary cryptocurrency reacted badly to last week’s CPI and PPI data, as both metrics confirmed that US inflation remains persistent. On Wednesday and Thursday, the subsequent releases were both higher than expected, and BTC dived from $84,000 to a monthly low of under $80,000. It rebounded from that local low and jumped to over $82,000 at the end of the week. It lost some traction during the weekend and experienced a flash crash on Saturday evening when it dropped to under $81,000 before it recovered just as quickly. Expectations of a Black Monday ran wild on Sunday, but reality was different. BTC dipped to $80,600 on Sunday evening but jumped to $83,000 on Monday. Perhaps a large portion of these gains came from the substantial ETF net inflows, as the funds attracted over $526 million – the...