Bitcoin (BTC) witnessed a 4% decline throughout the last 24 hours, currently trading close to the $58,000 mark.
The decrease was mostly attributed to the publication of the most recent July U.S. consumer price index (CPI) data, which exhibited a 2.9% year-on-year growth, representing the first instance since 2021 that it has dropped below the 3% threshold.
Although the NASDAQ and S&P 500 closed with gains, BTC continued to decline following the release of the CPI data. The prices of cryptocurrencies have strongly correlated with U.S. economic data in recent months, being particularly responsive to its fluctuations.
Certain traders anticipate a potential BTC price decline to as low as $55,000 in the near future, before seeing a subsequent upward movement. This could result in additional losses for prominent digital tokens.
On Wednesday, U.S.-listed spot bitcoin exchange-traded funds (ETFs) had a net outflow of $81 million, stopping two days of positive growth. Grayscale’s GBTC experienced a net outflow of $56 million, while Fidelity’s FBTC saw a net outflow of $18 million.
ARK Invest’s ARKB and Bitwise’s BITB had losses of $6.7 million and $5.7 million, respectively. Franklin Templeton’s EZBC and BlackRock’s IBIT were the sole products that experienced a combined net inflow of $6 million. Ethereum exchange-traded funds (ETFs) experienced a positive trend with $10 million in net inflows, continuing a streak of three consecutive days.
