Bitcoin ETFs saw a sharp drop in demand this week, with $462.6 million in outflows, compared with nearly $1 billion in inflows last week. The shift comes as Bitcoin faces fresh pressure after inflation data showed Core CPI at a five-year low of 2.4%.
With the Federal Reserve’s policy decision due next week, investors are now watching closely to see if demand for Bitcoin ETFs will fall further.
Monday started on a bearish note for Bitcoin. The price pulled back after its August rally as investors took profits and U.S. Treasury yields rose. Since the start of this week, Bitcoin has fallen from a high of $81,427 to around $76,000, and is now trading near $77,343.
U.S. spot Bitcoin ETFs recorded $462.6 million in net outflows from September 8 to September 11, after U.S. markets were closed on Monday, September 7, for Labor Day.
ETF selling began with $46.6 million in outflows on September 8, followed by another $120.2 million on September 9. The selling then increased sharply on September 10, when investors pulled $282.6 million, the largest single-day outflow of the week.
Bitcoin also came under pressure on September 10, falling below $77,000. The decline came as hotter than expected U.S. inflation data increased concerns that the Federal Reserve could raise interest rates.
On Friday, September 11, Bitcoin ETFs recorded another $13.2 million in net outflows, extending the week’s negative flow trend.
This is completely different from last week’s flow, which recorded an inflow of $1 billion alone.
The latest selling was concentrated in several major funds. ARKB recorded around $250.3 million in outflows during the week, while GBTC lost about $129.1 million.
IBIT also saw around $52.5 million leave the fund, while FBTC recorded roughly $50.7 million in outflows. Morgan Stanley’s MSBT was one of the few funds to remain positive, attracting around $19.7 million during the week.
Bitcoin (BTC) could see higher volatility next week, with the Federal Reserve’s interest rate decision on September 16 likely to drive market moves. Markets are currently pricing in an 87% chance of a 25-basis-point rate hike.
For a bullish move, Bitcoin needs a daily close above $79,500 to regain a stronger market structure.
However, if macro pressure pushes BTC below $76,000, the price could fall toward the 200-day EMA at $72,858.
A break below this level could lead to a deeper pullback toward $70,000.
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