Traders are seemingly going risk-off ahead of a U.S. CPI print and a Fed monetary policy meeting, with Bitcoin falling to a weekly low.
The price of Bitcoin fell to a weekly low ahead of U.S. inflation data and a Fed meeting set for Tuesday, while United States spot Bitcoin exchange-traded funds (ETFs) recorded their first net outflow in over 19 trading days.
Bitcoin BTC $67,078 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 Markets Pro.
Other cryptocurrencies followed, with Ether ETH $3,514, Solana’s SOL$154 and Dogecoin DOGE
$0.14 also falling in the last 24 hours.
![](https://i0.wp.com/s3.cointelegraph.com/uploads/2024-06/85a76aea-f0ad-400d-9496-c617949f4e2d.png?ssl=1)
Bitcoin’s tumble comes after the 11 U.S. spot Bitcoin ETFs recorded a joint net outflow of $64.9 million on June 10 — their first net outflow in a month, according 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 BlackRock’s ETFs.
![](https://i0.wp.com/s3.cointelegraph.com/uploads/2024-06/05940025-fe31-4290-8341-d204d45cd9fd.png?ssl=1)
The U.S. Bureau of Labor Statistics is set to release May figures for its inflation-measuring Consumer Price Index (CPI) on June 11.
Analysts have forecast inflation to rise 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 reported.
The Fed’s monetary policy is also to be decided at a two-day Federal Open Market Committee (FOMC) meeting starting the same day.
Investment research firm Zacks predicted 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.
Risk Disclaimer
Although Sponsored Trading can be profitable, it is associated with a significant risk of losing your investment. The risks will increase when trading on margin companies. Traders must exercise due diligence and be careful when making their trading decisions. It is the sole responsibility of the Trader to learn and acquire the knowledge and experience required to use the Trading Platform and anything that will be required to trade properly.