Bitcoin (BTC) exchange-traded funds (ETFs) in the U.S. have recorded their second consecutive day of net outflows ahead of the Fed’s FOMC meeting and key U.S. inflation data out Wednesday.

According to data provided by Farside Investors, BTC ETFs in the U.S. saw 0.4 million in net outflows on June 11. Most of the outflows come from Grayscale Bitcoin Trust (GTBC) and ARK 21Shares Bitcoin ETF (ARKB), amounting to 1 million and .5 million, respectively.

Following the recent outflows, the total amount of net outflows from the GBTC spot Bitcoin ETF has surpassed the billion mark, per Farside Investors’ data. 

Moreover, the Bitwise Bitcoin ETF (BITB), Fidelity Wise Origin Bitcoin Fund (FBTC) and VanEck Bitcoin Trust (HODL) recorded .7 million, .4 million and .8 million in net outflows, respectively.

Other spot Bitcoin ETFs, including BlackRock’s iShares Bitcoin Trust (IBIT), remain neutral.

On June 10, spot Bitcoin ETFs recorded their first day of net outflows after four weeks of constant inflows — reaching .9 million. 

The leading cryptocurrency, Bitcoin, also briefly plunged to the ,000 mark as investors have been trying to minimize their investment risks. However, crypto trader and analyst, known as Max on X, says “we’ve seen this before” — pointing out the downward momentum before the U.S. CPI data release. 

It’s important to note that the U.S. inflation data is scheduled to be released today, at 12:30 UTC, and typically a decline in the U.S. inflation rate means bullish winds for crypto.

According to Santiment’s X post, experts expect a 3.4% year-over-year (YoY) increase in the country’s inflation between May 2023 and 2024.