Bitcoin
Bitcoin (BTC) News Today: Impact of Fed Rate Path on BTC Trends Ahead of US Data
The US BTC spot ETF market had a positive response to inflation expectations numbers, with total net inflows reaching $251.9 million on Friday, up from $107.9 million on Thursday (23 of May).
Despite aggressive FOMC meeting minutes and hotter-than-expected US S&P Global Services PMI, the US BTC spot ETF market recorded total net inflows of $1,056.7 million in the week ending 24 of May. 15 (+$2,565.7 million).
However, BTC continued to fall short of the $70,000 mark. Uncertainty over a Fed rate cut in September could impact BTC price trends ahead of the US Personal Income and Expenses Report (Friday, May 31).
Better-than-expected personal income/spending and higher-than-expected inflation numbers could refuel speculation about a Fed rate hike. A more aggressive Fed rate trajectory could trigger a broad cryptocurrency sell-off.
However, ethereal (ETH) news related to the ETF spot market could counteract the effects of a more aggressive Fed rate path.
The approval of S1 forms and the launch of ETH spot ETFs would pave the way for a cryptocurrency spot ETF market. Issuers may want to evaluate US ETH spot ETF flow trends before filing applications for altcoin spot ETFs. Weak demand for US ETH spot ETFs could delay altcoin spot ETF registrations until after the US presidential election.