NEW YORK, June 11, 2024 - The price of Bitcoin (BTC) dipped below $67,000 on Tuesday, marking a 7% decline from its near-$72,000 high on Friday. This drop follows the first day of net outflows in the U.S. spot bitcoin exchange-traded fund (ETF) market in nearly three weeks, with Monday seeing outflows totaling $64.9 million, according to Farside Investors.

The decline comes as Bitcoin investors, like those in other risk assets, brace for key economic events, including the Consumer Price Index (CPI) inflation data release and the Federal Reserve's policy meeting. The outcomes of these events, especially Fed Chair Jerome Powell's remarks, are expected to shape market expectations around future interest rate cuts, with higher bond yields making riskier assets like Bitcoin less appealing.

Despite strong inflows into Bitcoin ETFs last week, the price did not surge as anticipated, with analysts attributing much of the activity to an arbitrage opportunity between spot ETFs and futures markets. This indicates that investor sentiment may be cautious, especially with the looming economic data and central bank decisions.