Traders Go Risk-Off Ahead of Inflation Data and Fed Meeting

Bitcoin’s price dropped to a weekly low as traders anticipated U.S. inflation data and a Federal Reserve meeting scheduled for Tuesday. This downturn also marked the first net outflow for U.S. spot Bitcoin exchange-traded funds (ETFs) in over 19 trading days.

Over the last 24 hours, Bitcoin fell by 2.3%, reaching $68,186 at approximately 3:00 am UTC on June 11, its lowest since June 3. This decline was mirrored by other cryptocurrencies, including Ether (ETH), Solana (SOL), and Dogecoin (DOGE), which also experienced losses.

The drop in Bitcoin’s price followed a net outflow of $64.9 million from 11 U.S. spot Bitcoin ETFs on June 10, marking their first net outflow in a month, according to Farside Investors. The Grayscale Bitcoin Trust (GBTC) led with $39.5 million in 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). In contrast, Bitwise and BlackRock’s ETFs saw modest inflows of $7.6 million and $6.3 million, respectively.

The U.S. Bureau of Labor Statistics is set to release May figures for the Consumer Price Index (CPI) on June 11. Analysts expect inflation to rise by 0.1% after a 0.5% increase in April, bringing the year-on-year rate to 3.4%. Core inflation is forecasted to rise by 0.3% in May, matching April’s increase, as reported by Morningstar.

Additionally, the Federal Reserve’s monetary policy will be determined at a two-day Federal Open Market Committee (FOMC) meeting starting on June 11. According to investment research firm Zacks, there is no expectation for the Fed to cut interest rates, with the central bank likely to maintain its target rate of 5.25% to 5.5%, the highest in 23 years.

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