Bitcoin (BTC) exchange-traded funds (ETFs) in the United States have experienced their second consecutive day of net outflows, setting the stage for a potentially pivotal moment as investors brace for the Federal Reserve's FOMC meeting and crucial U.S. inflation data set to be released Wednesday.

According to data provided by Farside Investors, BTC ETFs in the U.S. saw a significant $200.4 million in net outflows on June 11. The majority of these outflows originated from Grayscale Bitcoin Trust (GTBC) and ARK 21Shares Bitcoin ETF (ARKB), amounting to $121 million and $56.5 million, respectively.

This recent trend of outflows has pushed the total amount of net outflows from the GBTC spot Bitcoin ETF past the $18 billion mark, as indicated by data from Farside Investors. Additionally, Bitwise Bitcoin ETF (BITB), Fidelity Wise Origin Bitcoin Fund (FBTC), and VanEck Bitcoin Trust (HODL) registered $11.7 million, $7.4 million, and $3.8 million in net outflows, respectively. However, other spot Bitcoin ETFs, including BlackRock’s iShares Bitcoin Trust (IBIT), have remained neutral.

The day prior, on June 10, spot Bitcoin ETFs recorded their initial day of net outflows following four weeks of uninterrupted inflows, totaling $64.9 million.

The cryptocurrency market, led by Bitcoin, has witnessed a brief dip towards the $66,000 mark, with investors showing a propensity to minimize their investment risks. Yet, crypto trader and analyst, known as Max on X, suggests a sense of déjà vu, highlighting similar downward momentum observed ahead of previous U.S. CPI data releases.

Notably, the U.S. inflation data, scheduled for release at 12:30 UTC today, could serve as a pivotal catalyst for crypto markets. Traditionally, a decline in the U.S. inflation rate has heralded bullish sentiments for cryptocurrencies.

Anticipation surrounding the inflation data has led experts to anticipate a 3.4% year-over-year (YoY) increase in the country’s inflation between May 2023 and 2024, as per insights shared in Santiment’s X post.