Bitcoin ETF Outflows and US Macroeconomics Still the Bitcoin Price Sentiment

Upcoming economic data, including US CPI and PPI data, along with statements from Fed officials, will determine the direction of the crypto market amid the ongoing volatility.

“Investors are anxiously awaiting this important economic data to help them navigate the volatile crypto market. Investors are anxiously awaiting important economic data to help them navigate the volatile crypto market,” explained Fyqieh.

Important data such as the US Producer Price Index (PPI) and Consumer Price Index (CPI) will soon be released on May 14-15 respectively and may influence market dynamics, especially considering the current gloomy market sentiment.

Additionally, according to Fyqieh, comments made by Fed officials will provide more information about policy actions, which will influence the prospects of crypto investors. Consumer confidence has recently declined, increasing concerns about the economy.

The next CPI and PPI data will be more important given the increasing concerns about inflation. On Tuesday, May 14, the United States Producer Price Index (PPI) and Core PPI figures will be released, providing important information regarding price dynamics across various industries

Amidst the volatility of the crypto market, macroeconomic issues are still a major player. Further evidence of investor concerns and the persistence of uncertainty is the exodus of capital from the US Bitcoin Spot ETF.

“In addition, Bitcoin on-chain transactions reached their lowest point in years amid market uncertainty and fear,” he concluded.