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Analysis: Inflation suppresses rate cut expectations, Bitcoin cycle bottom is still far off.
TechFlow News, June 26 — According to The Block, driven by the U.S. core PCE inflation data for May coming in higher than expected (rising 3.4% year-over-year, the highest since October 2023), expectations for a near-term Fed rate cut have further cooled. Bitcoin fell to an intraday low of $58,000 on Thursday, hitting a new low since the end of 2024, and is currently trading around $59,000.
U.S. spot Bitcoin ETFs recorded net outflows for six consecutive trading days, with net redemptions reaching $696 million on June 25 alone. Spot Ethereum ETFs also saw outflows for six consecutive days over the same period, with a single-day outflow of $81.9 million. Analysts pointed out that Bitcoin dominance remains around 55%, with capital flows showing a rotation toward high-quality assets rather than a full-scale retreat. CryptoQuant CEO Ki Young Ju said that the 4-year rolling realized price risk/reward ratio has not yet reached historical cycle bottom levels, suggesting that Bitcoin may still not be near the low point of this cycle.