The value of Bitcoin dropped to its lowest weekly point before the release of U.S. inflation data and an upcoming Federal Reserve meeting scheduled for Tuesday.

Meanwhile, U.S. spot Bitcoin exchange-traded funds (ETFs) experienced their first net outflow in more than 19 trading days.

Over the past 24 hours, Bitcoin decreased by 2.3%, reaching a low of $68,186 at approximately 3:00 am UTC on June 11, marking its lowest level since June 3, as reported by Coinmarketcap.

This decline was mirrored in other cryptocurrencies such as Ether, Solana, and Dogecoin, which also saw reductions in the same period.

This downturn in Bitcoin occurred simultaneously with the 11 U.S. spot Bitcoin ETFs reporting a collective net outflow of $64.9 million on June 10, marking their first net outflow in a month, as per data from Farside Investors.

Leading these outflows was the Grayscale Bitcoin Trust (GBTC) with $39.5 million, followed by the Invesco Galaxy Bitcoin ETF (BTCO) with $20.5 million, and a smaller outflow of $3 million from the Fidelity Wise Origin Bitcoin Fund (FBTC).

Concurrently, the Bitwise and BlackRock’s ETFs recorded respective inflows of $7.6 million and $6.3 million.

The U.S. Bureau of Labor Statistics is slated to publish May's Consumer Price Index (CPI) figures on June 12, which measures inflation.

Analysts have projected a 0.1% increase in inflation following a 0.3% increase in April, with the annual inflation rate expected to hit 3.4%.

Core inflation is anticipated to remain steady at 0.3% in May, as noted by Morningstar.

Furthermore, the Federal Reserve's monetary policy will be determined during a two-day Federal Open Market Committee (FOMC) meeting beginning on June 11.

Investment research firm Zacks has indicated that the Federal Reserve is unlikely to reduce interest rates, expecting the central bank to maintain its target rate between 5.25% and 5.5%, which is a 23-year peak.

Sources:

https://cointelegraph.com/news/bitcoin-drops-etfs-lose-inflow-steak-us-inflation-fed-meeting

https://www.morningstar.com/economy/may-cpi-forecasts-show-inflation-softening-overall-gas-prices-ease

https://www.zacks.com/stock/news/2286077/quiet-day-ahead-of-fed-inflation-this-week

https://farside.co.uk/?p=997