After a period of consistent net inflows, US spot Bitcoin exchange-traded funds (ETFs) experienced a notable shift in investor sentiment on Tuesday, with net outflows totaling $200 million, marking a reversal from the positive trend observed since May 13, according to data from SoSoValue.

Grayscale’s Bitcoin Investment Trust (GBTC), the largest Bitcoin fund globally, led the outflows with a loss of $121 million on Tuesday, reflecting concerns among investors. Ark Invest’s ARKB also saw significant net outflows amounting to $56 million.

Bitwise Asset Management’s BITB experienced a smaller outflow of $12 million, while Fidelity and VanEck’s offerings saw single-digit net outflows. Notably, BlackRock’s IBIT reported zero net flows on Tuesday, remaining unchanged.

This shift follows a remarkable streak of 19 consecutive days of net inflows for US spot Bitcoin ETFs, which ended on Monday. Despite Tuesday’s outflows, these funds still hold a cumulative net inflow of $15.42 billion since their inception in January.

Financial markets are now anticipating key economic data from the US, with Wednesday being a critical day featuring the release of the Federal Open Market Committee (FOMC) meeting results and the Consumer Price Index (CPI) data.

The upcoming CPI report, an important gauge of inflation, is expected to show a modest 0.1% increase compared to April, aligning with the current disinflationary trend in the economy as reported by CNBC.

The FOMC meeting is anticipated to result in no changes to interest rates, with a near-certainty of maintaining the current rate range of 5.25% to 5.50%, according to CME Group. However, a Reuters poll of economists suggests the Fed may implement two rate cuts later in the year, possibly starting in September.

Market sentiment has also influenced Bitcoin prices, which are currently trading at $67,470, reflecting a 6.30% decline from its recent peak near $72,000 last week. This drop coincided with the outflows from spot Bitcoin ETFs, suggesting a potential correlation between investor sentiment and Bitcoin’s market valuation.

The outcome of the FOMC meeting and the release of CPI data could significantly impact investor confidence and influence the trend of net flows in these funds. The recent outflow may signal a temporary occurrence or potentially indicate a deeper shift in investor sentiment that remains uncertain.