The 11 US spot Bitcoin exchange-traded funds (ETFs) experienced a net outflow of $64.93 million on Monday, breaking a 19-day streak of net inflows.

ETF Outflows and Inflows

Grayscale’s GBTC had the highest outflow of $40 million, with funds like Invesco and Galaxy Digital’s BTCO also witnessing net outflows of $20 million. Data from SosoValue indicated that Valkyrie’s Bitcoin ETF and Fidelity’s FBTC faced net outflows of $16 million and $3 million, respectively.

On the contrary, BlackRock’s IBIT, the biggest spot Bitcoin ETF by net assets, saw net inflows of $6 million. Bitwise’s BITB also registered inflows of $8 million.

Bitcoin Price and Market Expectancy

Bitcoin price dropped last Friday due to conflicting US non-farm payroll and unemployment data. This uncertainty led investors to move away from riskier assets, as observed by crypto trading firm QCP Capital.

Market participants are now eagerly anticipating the release of the US Consumer Price Index (CPI), a pivotal inflation metric, and the imminent Federal Open Market Committee meeting.

The CME Group projects a 99.4% probability of the Fed maintaining the current interest rate range of 5.25% to 5.50%. Nevertheless, a Reuters poll of economists hints at the likelihood of the Fed cutting rates twice this year, starting in September.

Spot Ether ETFs Debut

US ETF providers are awaiting responses from the Securities and Exchange Commission for their S-1 registration filings submitted last month. SEC approval of these filings is essential for the formal rollout of their spot Ethereum funds.

According to Jag Kooner, Bitfinex’s derivatives head, the launch of spot Ether ETFs could capture up to 20% of the current flows directed towards spot Bitcoin ETFs.