Bitcoin’s price took a dip to a weekly low as investors awaited U.S. inflation data and a Federal Reserve meeting scheduled for Tuesday. Concurrently, U.S. spot Bitcoin exchange-traded funds (ETFs) experienced their first net outflow in over 19 trading days.
In the past 24 hours, Bitcoin (BTC) saw a 2.3% decline, reaching $68,186 by 3:00 am UTC on June 11, marking its lowest point since June 3, as reported by Cointelegraph Markets Pro. Other cryptocurrencies, including Ether (ETH), Solana’s (SOL), and Dogecoin (DOGE), also saw decreases over the same period.
Bitcoin’s downward trend coincided with U.S. spot Bitcoin ETFs witnessing a combined net outflow of $64.9 million on June 10, marking their first net outflow in a month, according to Farside Investors. Among them, the Grayscale Bitcoin Trust (GBTC) led with net outflows of $39.5 million, 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). Meanwhile, Bitwise and BlackRock’s ETFs saw modest respective inflows of $7.6 million and $6.3 million.
With the U.S. Bureau of Labor Statistics set to release May inflation figures through the Consumer Price Index (CPI) on June 11, analysts predict a 0.1% increase following a 0.5% surge in April, bringing the year-on-year figure to 3.4%. Core inflation is also expected to rise by 0.3% in May, matching April’s increase, as per Morningstar.
At the same time, the Federal Reserve is poised to make decisions regarding its monetary policy during a two-day Federal Open Market Committee (FOMC) meeting starting on the same day. Investment research firm Zacks anticipates that the Fed will maintain its target rate of 5.25% to 5.5%, ruling out the possibility of an interest rate cut.
As Bitcoin faces challenges in the market, the big question remains: how can Bitcoin payments make a resurgence?