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The price of Bitcoin&nbsp;fell to a weekly low ahead of U.S. inflation data and a Fed meeting set for Tuesday, while United States spot Bitcoin <a href="https://cointelegraph.com/learn/different-types-of-etfs">exchange-traded funds (ETFs)</a> recorded their first net outflow in over 19 trading days.
Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) dropped 2.3% over the last 24 hours and hit $68,186 at around 3:00 am UTC on June 11, its lowest point since June 3, according to Cointelegraph <a href="https://pro.cointelegraph.com/coins/bitcoin">Markets Pro</a>.
Other cryptocurrencies followed, with Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>), Solana’s (<a href="https://cointelegraph.com/solana-price-index">SOL</a>) and Dogecoin (<a href="https://cointelegraph.com/doge-price-index">DOGE</a>) also falling in the last 24 hours.
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 <img src="https://s3.cointelegraph.com/uploads/2024-06/85a76aea-f0ad-400d-9496-c617949f4e2d.png" alt="" title="">
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 Bitcoin’s price over the last week with a drop in early-morning Asia trading hours. Source: Cointelegraph Markets Pro
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Bitcoin’s tumble comes after the 11 U.S. spot <a href="https://cointelegraph.com/learn/etfs-vs-mutual-funds">Bitcoin ETFs</a> recorded a joint net outflow of $64.9 million on June 10 — their first net outflow in a month, <a href="https://farside.co.uk/?p=997" target="_blank" rel="noopener nofollow">according</a> to Farside Investors.
The Grayscale Bitcoin Trust (GBTC) led with $39.5 million net outflows, followed by $20.5 million from the Invesco Galaxy Bitcoin ETF (BTCO) and a minor $3 million outflow from the Fidelity Wise Origin Bitcoin Fund (FBTC).
That came alongside tepid respective inflows of $7.6 million and $6.3 million from Bitwise and <a href="https://cointelegraph.com/news/bitcoin-etf-blackrock-fidelity-bitcoin-etfs-account-large-share-total-flows">BlackRock’s ETFs</a>.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/05940025-fe31-4290-8341-d204d45cd9fd.png" alt="" title="">
 <figcaption style="text-align: center;">
 U.S. Bitcoin ETFs June 10 inflow data noted in green. Source: Farside Investors
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The U.S. Bureau of Labor Statistics is set to release May figures for its inflation-measuring Consumer Price Index (CPI) on June 11.
Related: <a href="https://cointelegraph.com/news/bitcoin-etfs-buy-two-months-btc-mining-supply">Bitcoin ETFs sucked up 2 months of BTC mining supply in first week of June</a>
Analysts <a href="https://cointelegraph.com/news/bitcoin-money-ethics-fiat">have forecast inflation to rise</a> 0.1% after a 0.5% bump in April, bringing the year-on-year figure to 3.4% with core inflation forecast to rise 0.3% in May, the same as April, Morningstar <a href="https://www.morningstar.com/economy/may-cpi-forecasts-show-inflation-softening-overall-gas-prices-ease" target="_blank" rel="noopener nofollow">reported</a>.
The Fed’s monetary policy <a href="https://cointelegraph.com/news/2nd-highest-weekly-close-ever-5-things-bitcoin-this-week">is also to be decided</a> at a two-day Federal Open Market Committee (FOMC) meeting starting the same day.
Investment research firm Zacks <a href="https://www.zacks.com/stock/news/2286077/quiet-day-ahead-of-fed-inflation-this-week" target="_blank" rel="noopener nofollow">predicted</a> there is no chance the Fed moves on an interest rate cut — with the central bank expected to keep its 23-year high 5.25% to 5.5% target rate.
Big Questions: <a href="https://cointelegraph.com/magazine/big-questions-can-bitcoin-payments-make-a-comeback/">How can Bitcoin payments stage a comeback?</a>

Bitcoin dips as ETFs break 19-day green streak, rumble over US inflation

Cointelegraph

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