coin-img-ETHETH+0.92%coin-img-BTCBTC+1.38%coin-img-SOLSOL+9.75%coin-img-CTMCTM+35.38%coin-img-XRPXRP+1.37%coin-img-USDCUSDC+0.00%coin-img-TRXTRX-0.99%coin-img-HYPEHYPE+5.05%coin-img-ETHETH+0.92%coin-img-BTCBTC+1.38%coin-img-SOLSOL+9.75%coin-img-CTMCTM+35.38%coin-img-XRPXRP+1.37%coin-img-USDCUSDC+0.00%coin-img-TRXTRX-0.99%coin-img-HYPEHYPE+5.05%coin-img-ETHETH+0.92%coin-img-BTCBTC+1.38%coin-img-SOLSOL+9.75%coin-img-CTMCTM+35.38%coin-img-XRPXRP+1.37%coin-img-USDCUSDC+0.00%coin-img-TRXTRX-0.99%coin-img-HYPEHYPE+5.05%coin-img-ETHETH+0.92%coin-img-BTCBTC+1.38%coin-img-SOLSOL+9.75%coin-img-CTMCTM+35.38%coin-img-XRPXRP+1.37%coin-img-USDCUSDC+0.00%coin-img-TRXTRX-0.99%coin-img-HYPEHYPE+5.05%

Hotter U.S. core PCE cools Fed cut bets; Bitcoin sinks to 2024 low

The Block reports that markets further pared expectations for near-term Federal Reserve rate cuts after U.S. May core PCE inflation came in above forecasts. Core PCE rose 3.4% year over year, the highest reading since October 2023. Bitcoin slid to an intraday low of $58,000 on Thursday, its weakest level in 2024, and was last trading near $59,000. U.S. spot Bitcoin ETFs logged net outflows for a sixth straight session, with net redemptions totaling $696 million on June 25. Spot Ethereum ETFs also extended their outflow streak to six sessions, including $81.9 million withdrawn in a single day. Analysts said Bitcoin's market dominance is holding around 55%, pointing to rotation into higher-quality assets rather than broad risk-off exits. CryptoQuant CEO Ki Young Ju added that Bitcoin's four-year rolling realized price risk/reward ratio has not yet fallen to prior cycle lows, suggesting the market may still be far from this cycle's bottom.
Selected
BTC
BTC+1.28%
ETH
ETH+0.65%
Disclaimer: The content above is only the author's opinion and does not represent BingX’s stance. It shall not be construed as investment advice from BingX. For details, refer to the Terms and Conditions.