U.S. Bitcoin spot trading ETF has seen a clear outflow this week, in contrast to the previous week's situation. Along with rising U.S. Treasury yields and disruptions in inflation data, Bitcoin has fallen from its highs this week, and market attention has shifted to the Federal Reserve's interest rate decisions next week.
This week, the cash flow turned from positive to negative.
From September 8th to September 11th, there was a total net outflow of $462.6 million in US Bitcoin spot trading of ETF. Since September 7th fell on American Labor Day and the market was closed, this week's statistical period had one fewer trading day.
On a daily basis, there was a net outflow of $46.6 million on September 8th, $120.2 million on September 9th, and the net outflow increased to $282.6 million on September 10th, which was the highest for a single day of the week. On September 11th, another outflow of $13.2 million occurred, continuing the negative trend.
In contrast, the previous week, US Bitcoin spot ETF recorded a net inflow of nearly $1 billion, indicating a clear cooling down in short-term market sentiment.
BTC Fell Back from $81,400
At the beginning of this week, Bitcoin experienced a pullback after its rise in August. As some funds took profits and the yield on U.S. Treasury bonds increased, BTC fell from $81,427 to around $76,000, and the latest price is approximately $77,343.
On September 10, Bitcoin briefly fell below $77,000. Reports indicated that the day's U.S. inflation data exceeded market expectations, causing investors to worry that the Federal Reserve might continue to raise interest rates, putting pressure on risky assets.
The article also mentions that the core CPI is at a five-year low, but the market remains cautious about subsequent policy paths, which has also led to a significant slowdown in the demand for subscribing to ETF.
Redemptions occurred from major funds.
This week, there was capital outflow from several major products, among which ARKB and GBTC were the funds with concentrated selling pressure. IBIT saw an outflow of approximately 52.5 million US dollars, and FBTC had an outflow of about 50.7 million US dollars.
A few products still maintain net inflows. MSBT under Morgan Stanley attracted approximately $19.7 million in funds this week, making it one of the few funds to record positive inflows.
Market attention on interest rate decisions on September 16
Next week, the market will focus on the Federal Reserve's interest rate decision on September 16. According to the original text, the current market estimates that the probability of a 25-basis-point interest rate hike is about 87%.
If macroeconomic pressures persist, short-term fluctuations in Bitcoin may further intensify. This change in the flow of funds for ETF is also seen as a direct indicator of institutional risk appetite.
