The Bitcoin Exchange-Traded Funds (ETFs) in the United States have experienced significant outflows in recent days, marking a reversal from the trend seen in late May and early June. The outflows, which total over $600 million, have had a negative impact on the price of Bitcoin and the broader cryptocurrency market.

The price of Bitcoin dropped to a monthly low, but has since recovered slightly. The outflows from ETFs began last Monday, with all US-based ETFs experiencing minor outflows worth $64.9 million. The outflows tripled the following day, with investors withdrawing over $225 million from ETFs. This trend has continued, with over $150 million withdrawn yesterday.

Fidelity's FBTC has led the outflows, with over $80 million withdrawn for four consecutive days. Grayscale's GBTC has also experienced significant outflows, with over $60 million withdrawn in the past week. These developments have negatively impacted Bitcoin's price movements, which failed to reach $70,000 last week and dropped sharply to a monthly low of $64,000.

The outflows from ETFs are likely due to uncertainty surrounding the US Consumer Price Index (CPI) numbers and the subsequent Federal Open Market Committee (FOMC) meeting. Although the inflation data was promising, the Federal Reserve decided against cutting interest rates, resulting in a decrease in investor confidence.

The cryptocurrency market is expected to experience a quiet day today, as June 19 (Juneteenth) is an official holiday in the US and Wall Street will be closed. However, the recent outflows from ETFs and the negative impact on Bitcoin's price movements are likely to continue to be a concern for investors in the coming days.