In a surprising turn of events, U.S. spot bitcoin exchange-traded funds (ETFs) experienced a substantial net outflow of $200 million on Tuesday, continuing the trend from Monday that brought an end to their record streak of net inflows.

Among the notable ETFs, Grayscale’s GBTC witnessed the largest amount of net outflows, totaling $121 million on Tuesday. Following closely behind was Ark Invest’s ARKB with $56 million in net outflows. Bitwise’s BITB reported $12 million in outflows, while Fidelity and VanEck experienced single-digit net outflows. Interestingly, other funds like BlackRock’s IBIT recorded zero flows on Tuesday.

The significant outflows observed across U.S. spot bitcoin ETFs mark a stark contrast to the trend seen in recent weeks. Just the day before, these funds concluded a remarkable 19-day consecutive run of net inflows, with outflows totaling $64.93 million.

Since their inception in January, these 11 spot bitcoin ETFs have amassed a total net inflow of $15.42 billion, indicating substantial investor interest and participation in the crypto market.

The timing of these outflows coincides with anticipation surrounding key economic indicators from the U.S. scheduled for release later on Wednesday. Market participants eagerly await the results of the Federal Open Market Committee (FOMC) meeting and the release of the Consumer Price Index (CPI) data.

The latest CPI figures, which serve as a crucial inflation indicator, are expected to show a modest 0.1% increase from April, signaling a broader disinflationary trend, according to a CNBC report.

As for the FOMC meeting, analysts anticipate no surprises, with a high probability that the Federal Reserve will maintain the current interest rate of 5.25% to 5.50%, as forecasted by CME Group. However, a Reuters poll of economists suggests that the Fed may implement rate cuts twice this year, possibly starting in September.

Against this backdrop, the price of bitcoin currently sits at $67,500, down from last week’s peak of nearly $72,000, as reported by The Block’s bitcoin price page. The outcome of the FOMC meeting and the CPI data release could potentially influence market sentiment and bitcoin's price trajectory in the near term.