In a surprising turn of events, US Bitcoin spot exchange-traded funds (ETFs) have witnessed their first outflows after a remarkable 19-day streak of inflows. This sudden reversal has raised eyebrows, especially considering the significant accumulation of Bitcoin by US funds in the first week of June.

According to data from HODL15Capital, Monday saw a substantial outflow of over $65 million from US Bitcoin spot ETFs. Grayscale Bitcoin Trust (GBTC) alone accounted for nearly $40 million in withdrawals, while Invesco Galaxy Bitcoin ETF (BTCO) and Valkyrie Bitcoin Fund (BRRR) also experienced significant outflows. On the other hand, Bitwise Bitcoin ETF (BITB) and BlackRock's iShares Bitcoin Trust (IBIT) reported modest inflows.

This shift in investor sentiment may be attributed to the anticipation surrounding the upcoming Consumer Price Index (CPI) report and the Federal Open Market Committee (FOMC) meeting, both scheduled for June 12. The market is keenly watching the CPI inflation rates and the Federal Reserve's interest rate decision, which could impact Bitcoin's price dynamics.

Despite this sudden outflow, US Bitcoin funds remain significant players in the market, holding a substantial amount of Bitcoin under management. IBIT continues to be the largest Bitcoin ETF globally, followed closely by GBTC. The perpetual futures markets have also seen elevated funding rates, indicating a premium for long positions and a potential correction for spot prices following the FOMC meeting.

As the market waits with bated breath for the upcoming economic announcements, Bitcoin's price has taken a slight hit, trading at around $68,300 at press time. Only time will tell if this reversal in ETF flows is a temporary blip or a sign of things to come. One thing is certain, though - the world of cryptocurrency is never short on excitement and surprises.