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The market capitalization of cryptocurrencies is striving to exceed $2.40 trillion once again after a hawkish speech by Federal Reserve Chairman Jerome Powell. Bitcoin, the leading cryptocurrency, surged to nearly $70,000 following the recent inflation data but faced selling pressure, pulling back to $67,239. As of today, Bitcoin is trading at $67,440, and Ethereum is at $3,501. The total market cap of the cryptocurrency market stands at $2.39 trillion, with Bitcoin accounting for $1.33 trillion and Ethereum for $420 billion. U.S. spot Bitcoin ETFs saw net inflows of $101 million, marking a return to positive flows. A bulletin from CoinTR Research Department highlights the latest developments in the cryptocurrency sector.
Fed Holds Interest Rates Steady, Powell Delivers Hawkish Remarks
The Federal Reserve has maintained its interest rate in the range of 5.25-5.50%, citing strong economic activity, robust employment, and low unemployment rates. The Fed signaled that only one rate cut might occur this year despite the persistent high inflation, which is showing moderate progress toward the 2% target. The year-end federal funds rate projection has been revised up from 4.6% to 5.1%. Since 2022, the Fed has implemented a cumulative 525 basis points rate hike, holding rates steady in the last seven meetings. According to the Fed’s Dot Plot, four FOMC members do not expect a rate cut this year, seven foresee one cut, and eight predict two cuts. Inflation is projected to be 2.6% this year and 2.3% by 2025. Economic growth is forecasted at 2.1% for this year, with the unemployment rate expected to be around 4%.
U.S. Spot Bitcoin ETFs See $101 Million Inflows
On Wednesday, U.S. spot Bitcoin exchange-traded funds (ETFs) recorded net inflows of $100.9 million. This followed a 19-day streak of record inflows, interrupted by net outflows on Monday and Tuesday. Fidelity’s FBTC fund led with an inflow of $51 million, followed by BlackRock’s IBIT fund with $16 million, Bitwise’s BITB fund with $15 million, and VanEck’s HODL fund with $12 million. Ark Invest’s ARKB fund also garnered $9 million. Grayscale’s GBTC fund and other funds like WisdomTree and Invesco reported zero inflows. Collectively, the 11 Bitcoin ETFs have seen net inflows totaling $15.52 billion since their inception.
Bitcoin Whale Accumulation Reaches Pre-2020 Bull Run Levels
Bitcoin accumulation has reached levels reminiscent of the pre-2020 bull market, with large holders (those with at least 1,000 BTC) amassing nearly a four-year high. Analysts note that this accumulation mirrors the pre-2020 bull run, with the highest levels seen in the past two months. Factors such as increased daily ETF purchasing activity, reduced selling pressure from long-term holders, and the anticipated rate cut are likely to drive Bitcoin’s upward movement. On June 10, U.S. spot Bitcoin ETFs experienced net outflows for the first time after 19 days of net inflows. By June 11, U.S. Bitcoin ETFs saw over $200 million in net outflows. Popular crypto analyst Rekt Capital confirmed that Bitcoin has established $66,000 as a new support level on the weekly chart. The realized price for short-term Bitcoin holders has risen to $63,729, acting as a dynamic support line during bull cycles. Despite this, Bitcoin’s price remains stable due to the distribution of older coins. Thomas Fahrer, co-founder of Apollo, predicts that once the market “reset” process is complete, the $65,000–$70,000 range will become the new base.
