Worrisome movement in Bitcoin: Will the decline continue?

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Bitcoin (BTC) retreated to the lowest level of the week ahead of the US inflation data and today's Fed meeting, with US spot Bitcoin exchange-traded funds (ETFs) recording their first net outflows after 19 trading days.

According to Cointelegraph Markets Pro, Bitcoin has experienced a 2.3% drop in the last 24 hours. BTC, reaching its lowest level in the past week, has created selling pressure on altcoins. The decline in BTC has led to ETH dropping to $3552, SOL to $154, and DOGE to $0.14.

bitcoin btc crypto data## The needle has turned in the opposite direction in Spot BTC ETFs

The drop in Bitcoin came after 11 spot Bitcoin ETFs in the US recorded a net outflow of $64.9 million on June 10, according to Farside Investors; this was the first net outflow in a month. Grayscale Bitcoin Trust (GBTC) led the way with a net outflow of $39.5 million, followed by a $20.5 million outflow from Invesco Galaxy Bitcoin ETF (BTCO) and a small outflow of $3 million from Fidelity Wise Origin Bitcoin Fund (FBTC).

According to Morningstar's report, analysts predict that inflation will increase by 0.1% following the 0.5% increase in April, and the annual figure will rise to 3.4%, while core inflation is expected to increase by 0.3% in May, similar to April.

The decision will be made at the two-day Federal Open Market Committee (FOMC) meeting, which will also start on the same day as the Fed's monetary policy. Investment research company Zacks predicted that the Fed has no chance of cutting interest rates and expects the central bank to maintain its target rate of 5.25% to 5.5%, the highest level in 23 years.

This article does not contain investment advice or recommendations. Every investment and trading activity carries risks, and readers should conduct their own research when making decisions.

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