Yesterday, Tuesday, June 11, capital outflows from bitcoin exchange-traded funds (ETFs) in the United States intensified in anticipation of US economic data that is being released today, Wednesday.

After experiencing withdrawals of 65 million dollars (USD) on Monday, this figure was surpassed with outflows of over 200 million on Tuesday. This wave of selling in ETFs comes after recording their longest streak of capital inflows in history (19 consecutive days). This can be seen in the following graph.

This happened before the consumer price index (CPI) was published which came out 0.1% below expectations.

The FOMC result is seen as key for the price of BTC

“The markets are in risk rejection mode ahead of the CPI and the FOMC,” the investment firm QCP Capital explained in this regard. Like other specialists, he believes that the results of such data can dictate the direction of prices . In recent times, these have led to increases of 20% for BTC after previous falls.

In addition, the FOMC will also publish the Dot Plot, which informs the market how many cuts the Federal Reserve (Fed) anticipates for the rest of 2024. A forecast of this, while rates are expected to remain the highest in two decades, encourages the demand for risk assets.

“Despite the near-term headwinds, we believe this could be a good opportunity to accumulate coins,” QCP Qapital maintained. He details that there are “bullish events on the horizon”, such as the imminent ether (ETH) ETFs  and the electoral dispute between Joe Biden and Donald Trump to win the vote of the cryptocurrency community .

In this sense, beyond other events, today's data on economic power are presented as determining factors for short-term price behavior . An anticipation of rate cuts, amid lower-than-expected inflation, could help bitcoin get back on track to new record prices.At the moment, bitcoin is trading around USD 69,000, which is 6% below its all-time high of USD 73,700 recorded three months ago.