Bitcoin exchange-traded funds (ETFs) in the United States experienced their second consecutive day of net outflows ahead of the Federal Reserve’s FOMC meeting and the release of key U.S. inflation data on Wednesday.
Data from Farside Investors revealed that BTC ETFs in the U.S. saw $200.4 million in net outflows on June 11. The majority of these outflows were from Grayscale Bitcoin Trust (GTBC) and ARK 21Shares Bitcoin ETF (ARKB), totaling $121 million and $56.5 million, respectively.
Following these recent outflows, the total net outflows from the GBTC spot Bitcoin ETF have now exceeded $18 billion, according to Farside Investors.
Additionally, the Bitwise Bitcoin ETF (BITB), Fidelity Wise Origin Bitcoin Fund (FBTC), and VanEck Bitcoin Trust (HODL) experienced net outflows of $11.7 million, $7.4 million, and $3.8 million, respectively.
Some spot Bitcoin ETFs, such as BlackRock’s iShares Bitcoin Trust (IBIT), remained neutral during this period.
On June 10, spot Bitcoin ETFs saw their first day of net outflows after four weeks of consistent inflows, totaling $64.9 million.
The price of Bitcoin briefly dropped to $66,000 as investors sought to reduce their investment risks. However, crypto trader and analyst Max on X noted that similar downward trends have been observed before U.S. CPI data releases.
It is worth mentioning that the U.S. inflation data is set to be released today at 12:30 UTC, with a decline in the inflation rate typically being positive for the crypto market.
According to Santiment’s X post, experts are anticipating a 3.4% year-over-year increase in the country’s inflation between May 2023 and 2024.
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