Share this article
First Mover Americas: Bitcoin Stabilizes Amid Further ETF Outflows
The latest price moves in crypto markets in context for June 12, 2024.
Updated Jun 12, 2024, 12:00 p.m. Published Jun 12, 2024, 12:00 p.m.
This article originally appeared in First Mover, CoinDesk’s daily newsletter, putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
Latest Prices
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Top Stories
Bitcoin has stabilized following its plunge below $67,000 on Tuesday, with traders awaiting the latest key macroeconomic reports from the U.S. BTC nudged upward toward $68,000 during the late European morning, an increase of 1.3% in the last 24 hours. Ether meanwhile rose around 0.2% to sit just under $3,550. The CoinDesk 20 Index (CD20), which measures the broader digital asset market, is about 0.25% higher in the last 24 hours. Attention will be on the CPI data, due today, from the U.S. and the outcome of the Federal Open Market Committee (FOMC) meeting, which will indicate the Fed's monetary policy.
Bitcoin ETFs recorded a second straight day of outflows on Tuesday, with $200 million exiting the 11 spot products in the U.S., the highest since May 1. Grayscale's GBTC, as it often is, was the worst affected, with outflows of $120 million. ARK 21Shares' ARKB, Bitwise's BITB and VanEck's HODL's outflows ranged from $57 million to $7 million. "Markets are [in] risk-off mode ahead of CPI and FOMC tomorrow. This month's FOMC will also release the Dot Plot, which informs the market how many cuts the Fed anticipates for the rest of 2024," Singapore-based QCP Capital said in a Tuesday broadcast message. However, the firm added that its long-term view is bullish "despite short-term headwinds."
Donald Trump said he wants all remaining bitcoin to be "made in the U.S.A.," having met with executives from mining companies CleanSpark and Riot. The Republican presidential candidate referred to bitcoin mining as the U.S.' "last line of defense against a CBDC," adding that President Biden's "hatred of bitcoin" is beneficial to China and Russia. "We want all the remaining Bitcoin to be MADE IN THE USA!!! It will help us be ENERGY DOMINANT," Trump wrote in a post on the social media platform Truth Social late on Tuesday. Data suggests that more bitcoin is already mined in the U.S. than any other country, with 37.84% of the network's total hash power. Trump's post indicates he wants this figure to be much higher.
Chart of the Day
- The chart shows bitcoin has come under pressure since Friday, decoupling from Nasdaq, which has hit fresh record highs.
- Nasdaq might follow bitcoin lower if the impending U.S. CPI for May blows past expectations.
- Source - TradingView
- Omkar Godbole
Trending Posts
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Lighter trading platform sees $250 million withdrawn 24 hours after airdrop
Bubblemaps CEO says outflows seen on Lighter on Dec. 31 are not uncommon as users rebalance hedging positions and move on to the next farming opportunity.
What to know:
- Approximately $250 million was withdrawn from Lighter after its $675 million LIT token airdrop.
- The withdrawals represent about 20% of Lighter's total value locked, according to Bubblemaps CEO Nicolas Vaiman.
- Large withdrawals post-token generation events are common as early participants exit, says CertiK's Natalie Newson.
Top Stories
