Bitcoin Slumps Below $65,000 as BlackRock ETF Records Rare Outflows

Key Facts

1Bitcoin price fell below $65,000 following higher-than-expected U.S. Producer Price Index (PPI) data.

2BlackRock's Bitcoin ETF recorded outflows totaling $32.99 million.

3Spot Bitcoin ETFs overall saw a net outflow of $27.5 million.

Bitcoin prices experienced a sharp decline, falling below the critical $65,000 support level following the release of higher-than-expected U.S. Producer Price Index (PPI) data. The inflationary pressure indicated by the PPI report has fueled concerns that the Federal Reserve may keep interest rates elevated for a longer duration. Institutional sentiment showed signs of cooling as BlackRock’s Bitcoin ETF (IBIT) recorded significant outflows totaling $32.99 million. Overall, spot Bitcoin ETFs witnessed a net outflow of $27.5 million, marking a reversal from previous weeks of strong institutional accumulation. This combination of negative macroeconomic indicators and weakening institutional demand continues to exert downward pressure on the broader cryptocurrency market.