Bitcoin backs off two-week high as exchange funds cash inflows cease

Bitcoin fell a bit on Wednesday on track for the third loss in a row, away from two-week highs on active profit-taking, as new cash inflows into US bitcoin exchange funds ceased. 

US 10-year treasury yields rebounded today, hurting the risk sentiment in the market as investors await more statements by Fed officials on the future of US interest rates.

The Price 

Bitcoin fell 0.4%, or $256 at Bitstamp to $62.054, with a session-high at $62,996.

Bitcoin lost 1.35% on Tuesday, the second loss in a row on active profit-taking off two-week highs at $65,513. 

Crypto Market Value

Crypto market value fell by $40 billion to $2.405 trillion as both bitcoin and ethereum face heavy losses.

Bitcoin Exchange Funds 

According to new data, bitcoin exchange funds in the US faced a cash exodus of $15.64 million. 

Such data not only confirms the cessation of new cash inflows but actual rapid withdrawals from the funds, as prospects of early US interest rate cuts fade. 

US Yields 

US 10-year treasury yields rose 0.7% on Wednesday, holding ground above four-week lows at 4.420% and on track for the first profit in six days, hurting sentiment. 

Minneapolis Fed President Neil Kashkari said on Tuesday that it remains too early to say that inflation has been definitively stopped. 

Following such remarks, the odds of a Fed interest rate cut in June fell to 9%, while the odds of a July cut fell to 29%, and the odds of a September cut fell to 65%.