Bitcoin continued its descent to $60,000 on Monday.

The price of the flagship cryptocurrency was last down by more than 4% at $61,211.00, according to Coin Metrics. Earlier, it fell to $60,666.30, its lowest level in more than a month. It’s down more than 8% in the past week.

Digital asset investment products notched a second consecutive week of outflows, according to CoinShares. Last week crypto investment products saw their lowest trading volumes globally since the U.S. bitcoin ETFs launched in January.

“We have now seen $1.2 billion of outflows from crypto ETFs over the last two weeks which all began after the FOMC meeting. Our belief is that continued pessimism over the number of rate cuts is weighing on sentiment for crypto,” James Butterfill, head of research at the crypto-focused asset manager, told CNBC. “The Fed have indicated they need to see further evidence of inflation falling before they become more dovish, so any macro say that highlights inflation continues to fall will likely support prices, and conversely, an inflationary date will weigh on prices.”

Eleanor Gaywood, head of strategy at Coincover, said there are often market jitters ahead of the personal consumption expenditure index, the Fed’s preferred inflation gauge, which is due this Friday. She said signs of a rate cut in September could ease investor nerves and steady bitcoin’s price.