Bitcoin Dips as US Inflation Data and Fed Meeting Draw Near

The price of Bitcoin has fallen to its weekly low ahead of the upcoming release of US inflation data and a Federal Reserve monetary policy meeting. This decline coincides with the first net outflow from US spot Bitcoin exchange-traded funds (ETFs) in over 19 trading days. Bitcoin's price dropped 2.3% over the last 24 hours, reaching $68,186, while other cryptocurrencies like Ether, Solana, and Dogecoin also experienced losses.

The decline in Bitcoin's price follows a net outflow of $64.9 million from the 11 US spot Bitcoin ETFs on June 10. The Grayscale Bitcoin Trust (GBTC) led the outflow with $39.5 million, followed by the Invesco Galaxy Bitcoin ETF (BTCO) with $20.5 million. This outflow comes despite inflows from Bitwise and BlackRock's ETFs.

On June 11, the US Bureau of Labor Statistics will release the May figures for its inflation-measuring Consumer Price Index (CPI). Analysts are expecting inflation to rise by 0.1% to 3.4% year-over-year, and core inflation to remain unchanged at 0.3%. The Fed's monetary policy will also be decided at a Federal Open Market Committee (FOMC) meeting starting the same day.