Bitcoin (BTC) price fell to weekly low ahead of US inflation data

Bitcoin (BTC) price fell to a weekly low ahead of US inflation data and a Federal Reserve meeting scheduled for Tuesday, while US Bitcoin exchange-traded funds (ETFs) recorded their first net outflow in more than 19 trading days.

Bitcoin fell 2.3% in the past 24 hours and hit $68,186 around 3:00 UTC on June 11, its lowest level since June 3, according to Cointelegraph Markets Pro.

Other cryptocurrencies followed, with Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE) also falling in the past 24 hours.

Bitcoin price over the past week with decline in early morning trading hours in Asia. Source: Cointelegraph Pro Markets

Bitcoin’s decline comes after 11 U.S. spot Bitcoin ETFs saw a combined net outflow of $64.9 million on June 10 – their first net outflow in a month, according to Farside Investors.

Grayscale Bitcoin Trust (GBTC) leads with net outflows of $39.5 million, followed by $20.5 million from the Invesco Galaxy Bitcoin ETF (BTCO) and a minor outflow of $3 million from the Fidelity Wise Origin Bitcoin Fund (FBTC).

This was accompanied by lukewarm inflows of $7.6 million and $6.3 million from the Bitwise and BlackRock ETFs.

Input data for US Bitcoin ETFs for June 10 is marked green. Source: Farside Investors

The U.S. Bureau of Labor Statistics is scheduled to release May figures for the Consumer Price Index, which measures inflation, on June 11.

about: Bitcoin ETFs absorbed two months of Bitcoin mining supply in the first week of June

Analysts expect inflation to rise 0.1% following a 0.5% rise in April, taking the year-on-year figure to 3.4%, with core inflation expected to increase by 0 .3% in May, as in April, Morningstar reported.

The Fed’s monetary policy is also expected to be decided at the two-day meeting of the Federal Open Market Committee (FOMC) which begins the same day.

Investment research firm Zacks predicts there is no chance the Fed will cut rates – with the central bank expected to maintain a 23-year high of between 5.25% and 5.5%.

Big questions: How can Bitcoin payments make a comeback?

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