Key facts
- Bitcoin traded in a volatile range between $61,000 and $63,000.
- Hotter-than-expected U.S. producer inflation data influenced market sentiment.
- U.S. spot Bitcoin ETFs experienced significant net outflows.
- Dogecoin showed no significant price movement, trading in line with the market.
- Bitcoin's price action is increasingly correlated with macro asset behavior.
Bitcoin experienced volatile trading, oscillating between the low $61,000s and mid-$63,000s as traders reacted to a hotter-than-expected U.S. Producer Price Index report and ongoing outflows from spot Bitcoin ETFs. The cryptocurrency was trading near $63,613 on June 12, 2026, showing a 3.47% increase over the past 24 hours but a slight decrease of 0.18% over the week.
The market's sensitivity to inflation data was evident, with Bitcoin dipping to around $62,500 following the PPI release, which showed a 1.1% month-over-month and 6.5% year-over-year increase. This inflation print intensified concerns ahead of the Federal Reserve's upcoming meeting, highlighting Bitcoin's increasing correlation with macro asset performance.
Institutional demand has shown a significant downturn, with U.S. spot Bitcoin ETFs recording substantial net outflows for several weeks. As of early June, total withdrawals since mid-May approached $5.7 billion, reducing total ETF balances by over 53% from their peak. BlackRock's IBIT and Grayscale's GBTC have been notable contributors to these redemptions.
Despite the outflows, some analysts suggest the pace of selling may be slowing as arbitrage positions unwind. However, institutional buying metrics indicate a record low, with a Net Institutional Buying metric of -464%, suggesting active reduction of positions by institutional investors. Dogecoin, a token often associated with Elon Musk, traded in line with the broader market, showing no significant independent movement.