Bitcoin (BTC) exchange-traded funds (ETFs) in the U.S. have experienced their second consecutive day of net outflows, coinciding with the upcoming Fed’s FOMC meeting and key U.S. inflation data release set for Wednesday.

Based on data from Farside Investors, BTC ETFs in the U.S. saw $200.4 million in net outflows on June 11. A significant portion of these outflows came from the Grayscale Bitcoin Trust (GTBC) and ARK 21Shares Bitcoin ETF (ARKB), with outflows of $121 million and $56.5 million, respectively.

Following these recent outflows, the total net outflows from the GBTC spot Bitcoin ETF have exceeded $18 billion, according to Farside Investors’ data.

Other notable outflows include the Bitwise Bitcoin ETF (BITB) with $11.7 million, the Fidelity Wise Origin Bitcoin Fund (FBTC) with $7.4 million, and the VanEck Bitcoin Trust (HODL) with $3.8 million.

Meanwhile, other spot Bitcoin ETFs, such as BlackRock’s iShares Bitcoin Trust (IBIT), have remained neutral.

On June 10, spot Bitcoin ETFs recorded their first day of net outflows after four weeks of consistent inflows, totaling $64.9 million.

The leading cryptocurrency, Bitcoin, briefly dropped to the $66,000 mark as investors aimed to minimize their investment risks. Crypto trader and analyst Max highlighted this downward momentum, noting that it often precedes the release of U.S. CPI data.

The U.S. inflation data is scheduled for release today at 12:30 UTC. Typically, a decline in the U.S. inflation rate is considered bullish for the cryptocurrency market.

According to Santiment, experts anticipate a 3.4% year-over-year (YoY) increase in inflation from May 2023 to May 2024.

The May 2024 Consumer Price Index (CPI) report is scheduled to be released tomorrow (June 12th) at 12:30pm UTC. Current experts expect a 3.4% YoY or 0.3% MoM increase…

If the inflation rate comes in lower than expected, it could signal a slowdown in inflation, potentially increasing the likelihood of a positive impact on the cryptocurrency market.

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